WASHINGTON--Legislation reforming regulation of the surplus lines insurance market was introduced today in the Senate.
But the legislation, sponsored by Sens. Bill Nelson, D-Fla., and Mel Martinez, R-Fla., is seen by most industry officials as a placeholder, likely to be updated and reintroduced by Sen. Martinez and other members of the Senate Banking Committee.
The follow-up measure is expected to be introduced by a senior, unidentified member of the Senate Banking Committee by mid-April, according to congressional sources.
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