A bill intended to streamline the regulation of nonadmitted insurance and reinsurance has been introduced into the Senate. Sens. Evan Bayh (D-Ind.) and Mel Martinez (R-Fla.) are the sponsors of S.1363, the Nonadmitted and Reinsurance Reform Act of 2009.
Backers of the bill say it will modernize surplus lines regulation by making the insured’s home state the source of regulation for individual surplus lines transactions and reducing overlapping, multiple-state regulation of ceding insurers.
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