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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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Read More NAIC Begins Drafting of Excess/Surplus Lines Interstate Compact

Earlier this week, the Reinsurance Task Force (“RTF”) met at the NAIC’s quarterly conference in San Francisco to discuss ways to overhaul reinsurance regulation in the United States thereby reducing collateral charges for nonadmitted reinsurers. 

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Read More NAIC Plans to Address Collateral Issue by Modernizing Reinsurance Regulation

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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Read More National Insurance Act/Optional Federal Charter Legislation Reintroduced in Senate

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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Read More The Proposed Retirement Security for Life Act of 2007