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With an eye toward jump-starting national momentum for reform, a North Dakota committee became the country’s first legislative body to approve a Surplus Lines Insurance Multistate Compliance Compact (SLIMPACT) this month, with Kentucky close behind.

SLIMPACT, which is supported by key organizations comprising state legislators—the National Conference of Insurance Legislators (NCOIL), the Council of State Governments (CSG) and the National Conference of State Legislatures (NCSL)—as the appropriate response to the Dodd-Frank Act’s surplus lines provisions, also went before a Vermont committee and may soon be the subject of a legislative hearing in New Mexico.

The state legislator groups adopted resolutions in November and December supporting SLIMPACT.

The Dodd-Frank Wall Street Reform and Consumer Protection Act generally retains state regulation of insurance. It does, however, give federal financial regulators authority to prevent future market meltdowns by forcing prompt corrective action. In a pinch it allows federal takeover of failing institutions—including an insurer—deemed to constitute a potential systemic risk.

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