A crowded Senate calendar could delay passage of a federal surplus lines reform bill this year, which apparently would be just fine with some brokers, but a big loss in the eyes of others, a debate here revealed.
Surplus lines brokers generally support the intent of the Nonadmitted and Reinsurance Act of 2007, which is to streamline regulation of excess and surplus lines transactions. But Ronald Gabor of Miami-based Gabor Insurance Services said he believes the bill is flawed.
“H.R. 1065 to me looks like a toy that was made in China. It's pretty in the package, but when you unwrap it, a part falls off that's going to kill a kid,” he said, going on to voice concerns of small regional brokers and state surplus lines offices during a panel discussion here at the annual meeting of the National Association of Professional Surplus Lines Offices.
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