WASHINGTON--Congress could pass a measure this year reforming and modernizing surplus lines and reinsurance industry regulation, but support is lacking for legislating a federal backstop for state catastrophic reserve funds, a senior member of the Senate Banking Committee said today.
Sen. Mel Martinez, R-Fla., made his comments to the 2008 Insurance Legislative Summit here sponsored by the Council of Insurance Agents and Brokers in association with the Reinsurance Association of America.
The senator said he is "encouraged" that the Senate will take up S. 929, the Nonadmitted and Reinsurance Reform Act of 2007. The House version of the bill, H.R. 1065, passed overwhelmingly June 25.
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