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House Passes Surplus Lines, Reinsurance Regulation Reform Legislation

Industry excited to clear major hurdle, but odds of Senate action slim for this

By Arthur D. Postal | Updated on October 01, 2006

Without a single dissenting vote, the U.S. House of Representatives passed legislation last week providing a blueprint for streamlined regulation of the surplus lines and reinsurance industries. The roll-call vote was 417-0.

Rep. Michael Oxley, R-Ohio, chairman of the House Financial Services Committee, called the result “an historic moment in the evolution of insurance regulatory reform efforts.” Passage came as the House pulled out all the stops to finish necessary work as lawmakers prepare to recess to return home and campaign for reelection.

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