NU Online News Service, Nov. 15, 3:48 p.m. EST
The battle with state insurance regulators over implementation of the surplus lines modernization law has begun as several insurance trade groups voiced strong objections to the National Association of Insurance Commissioners' proposal.
In a letter sent today to the head of the NAIC task force crafting an interstate agreement, six trade groups said the model law proposal "continues, by contract," the burdensome system Congress sought to eliminate through the new law.
Criticism by other interested parties also is expected to be voiced this week. There are reports that the authors of the law, "The Nonadmitted and Reinsurance Reform Act," incorporated in the Dodd-Frank financial services reform legislation, may lend their voice to the opposition to the proposed agreement.
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