House Approves Rep. Moore's Insurance Bill For Third Time

Rep. Dennis Moore, D-Kan. (3rd CD), issued the following news release:

Congressman Dennis Moore [Third District - Kansas] announced Wednesday the unanimous House passage of H.R. 2571, the Nonadmitted and Reinsurance Reform Act, a bipartisan bill aimed at eliminating the problem of conflicting state laws regarding non-admitted insurance and re-insurance.

"This bill provides common sense solutions to regulating the surplus lines and reinsurance market," Congressman Moore said. "With such broad, bipartisan support, I'm confident that this long overdue legislation will bring efficiency and clarity to oversight of surplus lines and reinsurance. I hope the Senate will join us in quickly passing this legislation."

Disparate and sometimes directly conflicting state laws in the surplus lines market create unnecessary inefficiencies and make it difficult, if not impossible in some cases, for producers and others to comply with their legal duties. The Nonadmitted and Reinsurance Reform Act will significantly improve the regulation of two specific areas in the commercial insurance marketplace, namely surplus lines and reinsurance transactions. Specifically, the bill will prohibit the extraterritorial application of state laws and allow ceding insurers and reinsurers to resolve disputes pursuant to contractual arbitration clauses.

During the 109th and 110th Congresses, this legislation received unanimous approval in the full House. Unfortunately, it was never brought up for consideration in the Senate. Passage today marks the third occasion of the bill passing without opposition.For more information please contact: Sarabjit Jagirdar, Email:- htsyndication@hindustantimes.com