The U.S. House of Representative's unanimous approval last June of the Nonadmitted and Reinsurance Reform Act–H.R. 1065–has been widely applauded by the brokerage community as a major step forward in reforming state regulation and addressing areas of concern which have long plagued the excess and surplus lines marketplace.
Ultimately, however, individual states will have to get on board and take up the laboring oar–the one that requires the greatest amount of strength–to successfully push forward some of the reforms promised by the federal bill.
H.R. 1065, sponsored by Rep. Dennis Moore, D-Kan., and Rep. Ginny Brown-Waite, R-Fla., is particularly noteworthy as it represents the first regulatory relief bill to pass either the U.S. House or Senate since the 1999 enactment of the Gramm-Leach-Bliley Act. Back then, Gramm-Leach-Bliley provided incentives for states to move forward on licensing reciprocity for insurance agents and brokers.
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