WASHINGTON–In what is expected to be a marathon session, 10 insurance trade groups will have representatives testifying before the Senate Banking Committee on insurance regulation reform next Tuesday.
The discussion is expected to center around three specific legislative proposals. One is a bill introduced in the Senate by Sens. John Sununu, R-N.H., and Tim Johnson, D-S.D., that would establish an optional federal charter for insurers–the National Insurance Act of 2006, S. 2509.
Another focus for testimony is a bill recently introduced in the House that would establish the home state regulator as the dominant regulator for the surplus lines and reinsurance markets–the Nonadmitted and Reinsurance Reform Act of 2006, H.R. 5637.
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