I'm a “grab the bull by the horns” kind of guy. I don't like to sit back and wait for things to happen and I certainly don't shy away from new ideas or opportunities, especially if they're good ones. So it's been particularly frustrating to watch what has been happening with the state implementation of the Dodd-Frank provisions regarding surplus lines insurance—the Nonadmitted and Reinsurance Reform Act (Editor's note: For more on NRRA, turn to “NRRA Grows Up Fast” in this issue).
Unlike so much else in Dodd-Frank, these provisions were supported widely on both sides of the aisle, and Council members are deeply appreciative of the members of Congress who worked to get these important reforms enacted. Surplus lines insurance represents about a third of the commercial insurance marketplace, involving insurance risks that tend to be more sophisticated and are largely commercial.
Read Ken A. Crerar's previous Sounding Board article, “Future of Regulation is in States' Hands.”
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