Topic: Federal Legislative Developments
Congress Considering Reforms to National Flood Insurance Program
Rep. Gene Taylor (D-MS) has introduced H.R. 920, entitled the “Multiple Peril Insurance Act of 2007,” to the United States House of Representatives in response to the denial of claims from Hurricane Katrina due to wind loss.
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House Passes Nonadmitted and Reinsurance Reform Act
On June 25 and for the second time in nine months, the House unanimously passed H.R. 1065, the Nonadmitted and Reinsurance Reform Act of 2007. The bill establishes national standards on how states may regulate and tax surplus lines insurers and also sets national standards concerning the regulation of reinsurance.
Read MoreHouse Democrats Introduce Bill to Extend and Expand the Federal Terrorism Risk Insurance Program
On June 18, Representatives Barney Frank and Michael Capuano, both Democrats from Massachusetts, introduced legislation that would extend and expand the federal Terrorism Risk Insurance Program. The Terrorism Risk Insurance Revision and Extension Act of 2007 seeks to extend federal reinsurance coverage for terrorism risks for ten more years.
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NAIC Begins Drafting of Excess/Surplus Lines Interstate Compact
In an effort to stay one-step ahead of related federal legislation, an interested parties group within the NAIC has begun drafting an interstate compact that will allow for the uniform regulation of excess/surplus line transactions.
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National Insurance Act/Optional Federal Charter Legislation Reintroduced in Senate
On May 24, 2007, optional federal charter (OFC) legislation was reintroduced into the Senate as the National Insurance Act of 2007 (S. 40) (NIA), co-sponsored by John Sununu (R-NH) and Tim Johnson (D-SD). A similar bill is expected to be reintroduced into the House by Ed Royce (R-CA) in the coming weeks.
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The Proposed Retirement Security for Life Act of 2007
In an effort to combat the inadequacy of retirement funds for Baby Boomers, Representatives Stephanie Tubbs Jones (Democrat) and Phil English (Republican) reintroduced the Retirement Security for Life Act (H.R. 2205) on May 8, 2007 (originally introduced in 2004).
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