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The Push to Pass the Federal Surplus Lines Act

Several months ago, I mentioned HR 1056/SB 929, which is the federal Non-Admitted and Reinsurance Reform Act of 2007 (NRRA) that is intended to "streamline the regulation of non-admitted insurance

By Tim Hoelle | Updated on January 31, 2008

Several months ago, I mentioned HR 1056/SB 929, which is the federal Non-Admitted and Reinsurance Reform Act of 2007 (NRRA) that is intended to “streamline the regulation of non-admitted insurance and reinsurance.” In other words, the surplus lines and reinsurance markets.

Since a key focus of this bill is multi-state exposures, most would assume that the groups favoring it would consist of carriers and brokers that operate and are licensed nationally, or at least regionally. Local agencies, I assume, would perceive their general interests as being different from regional or national operations. However, it would be mistaken to ignore this pending federal piece of legislation because it is likely to become a law and would also affect local agencies’ operations and business.

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