Surplus Lines Legislation Pending in U.S. Senate; NAIC Provides Analysis

The National Association of Insurance Commissioners (“NAIC”) has issued a summary analysis of H.R. 1065, which passed the United States House of Representatives without amendment on June 25, 2007. 

In the U.S. Senate, the bill has been read twice and referred to the Senate Committee on Banking, Housing, and Urban Affairs.

Provided through the courtesy of the American Association of Managing General Agents, a copy of the NAIC summary is attached for your review.

Entitled the “Nonadmitted and Reinsurance Reform Act of 2007,” H.R. 1065 streamlines the regulation of nonadmitted insurance and reinsurance, among other purposes.

Please note that a reference is also made in the NAIC summary on the manner in which an interstate compact would be part of the overall reform effort.

For more information on H.R. 1065, click here.

Should you have any questions or comments, please do not hesitate to contact this office.