Washington
Property and casualty insurance groups raised a number of objections to sweeping financial services regulatory reform legislation unveiled in the U.S. Senate last week, but are lauding the decision of Senate Democrats to include provisions modernizing oversight of surplus lines and reinsurance.
The "Restoring American Financial Stability Act" was rolled out by Sen. Chris Dodd, D-Conn., chair of the Senate Banking Committee, and several other committee Democrats. The bill would incorporate the Nonadmitted and Reinsurance Reform Act of 2009.
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