While state commissioners have reservations about federal legislation reforming regulation of surplus lines and reinsurance–especially the reinsurance provisions–their association understands Congress wants to act and won't seek to block it, the group said.
The position of the National Association of Insurance Commissioners, voiced Dec. 19 during a conference call of the NAIC's Reinsurance Task Force, is good news for industry supporters of the legislation.
Sen. Chris Dodd, D-Conn., chair of the Senate Banking Committee, gave the industry another lift a month later, when he committed himself to “examining” surplus lines reform legislation as a priority during a press conference about his committee agenda of 2008.
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