National Conference of Insurance Legislators State-Federal Relations Committee Approves SLIMPACT-Lite Draft at Annual Meeting Today

After consideration of a revised draft of the Surplus Lines Insurance Multi-State Compliance Compact (“SLIMPACT-Lite”) proposal this afternoon, the National Conference of Insurance Legislators (“NCOIL”) State-Federal Relations Committee (“Committee”) ultimately adopted two resolutions regarding compliance with the Non-Admitted Reinsurance Reform Act of 2010 (“NRRA”), which is part of the recently passed Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. 

The first resolution urges states to draft legislation that will bring them into compliance with the mandatory provisions of the NRRA.  The Committee then approved the SLIMPACT-Lite draft that was presented to them by the State Leader Summit after their meeting held earlier in the day. 

However, because the resolution was not submitted to the Committee 30 days prior to the meeting, a two-thirds vote by the Committee was required for adoption.  During discussion, there was opposition from some of the Committee members, but the resolution passed by the necessary two-thirds majority.  A representative from New York spoke in opposition to the proposal. 

Next, the approved resolutions will go before the NCOIL Executive Committee.

To view a summary of the above-referenced meeting held earlier today, click here.  To view a copy of the SLIMPACT-Lite draft, click here.

Colodny Fass will continue to monitor this issue and will provide additional information as it develops.

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