It was an active week for insurers on Capitol Hill, with a regulatory reform bill for surplus lines and reinsurance reintroduced, but a split emerging between the House and Senate over renewal of the Terrorism Risk Insurance Act and whether to allow insurers to deduct punitive damages from their taxes.
Insurance industry groups are united in their support of legislation streamlining the regulation of multistate surplus lines risks and reinsurance, introduced last week.
Rep. Dennis Moore, D-Kan., said at a Council of Insurance Agents and Brokers legislative summit that he would be re-introducing the legislation with Rep. Ginny Brown-Waite, R-Fla. The same two introduced a similar bill last year, and it was passed overwhelmingly by the House before failing to gain traction in the Senate.
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