Business Services Industry
Surplus lines reform effort gets buyer backing; Risk managers welcome compromise on measure's market access restrictions.(News)
Business Insurance, February, 2007 by Hofmann, Mark A.
Byline: MARK A. HOFMANN WASHINGTON-A legislative effort to streamline the regulation of reinsurers and nonadmitted insurers has won the backing of risk managers, who objected to an earlier bill because of restrictions on who could take advantage of the proposed changes. The Risk & Insurance Management Society Inc.
had opposed a version of the Nonadmitted and Reinsurance Reform Act passed by the House last year on a 417-to-0 vote because of its stringent definition of a "qualified risk manager,'' a definition that would have to be met before a broker representing a policyholder could access the nonadmitted market directly without first having to seek to place coverage in the admitted market. But a revised version of the bill introduced in the House of...
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