A risk retention group trade organization announced today that it is supporting the House bill for uniform regulation of surplus lines insurance, which recently won committee approval.
The National Risk Retention Association said it has endorsed HR 5637, the Nonadmitted and Reinsurance Reform Act of 2006.
HR 5637 was reported out of the House Capital Markets, Insurance and Government Sponsored Enterprises Subcommittee of the Financial Services Committee yesterday.
Brian Donovan, NRRA board chairman, said the group believes that state regulation can be made more efficient.
“We are particularly pleased that HR 5637 in several instances provides that the state with the predominant regulatory interest will have priority over the conflicting laws and procedures of other states. This is similar to the 'lead state' regulatory model embodied in the Liability Risk Retention Act.”
The surplus lines measure has been described as a first step in an effort to incrementally modernize insurance regulation through federal legislation.
Information about NRRA is available online at www.nrra-usa.org.
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