REP. DENNIS MOORE, D-Kan., said last week that he hoped the third time would indeed be the charm for the Nonadmitted and Reinsurance Reform Act.

We couldn’t agree more.

For the third time, the House of Representatives has approved a measure that would streamline regulation of, and ease access to, the nonadmitted property/casualty market for qualified risk managers. The measure faces no significant opposition—the insurance industry and risk managers alike have rallied behind it—and for good reason: The bill is the epitome of common sense.

But the measure has never made it to the Senate floor. Last year, the economic meltdown of mid-September pushed the measure aside. But this year, things should be different. For example, as we report on Page 3, prominent members of the Senate Banking, Housing and Urban Affairs Committee sponsor this year’s Senate version of the bill. That alone should give it an extra push.

Also working in the measure’s favor is that both houses of Congress will have to deal with some sort of financial services regulatory reform in the coming months. No one can predict how comprehensive the changes will ultimately prove to be, but even the most modest reforms should include the NRRA.

The House has approved this common-sense reform for the third time. The Senate should waste no time following suit.