The measure, initially introduced by Representative Moore iearlier this year, would streamline regulation of nonadmitted insurers and allow easier access to nonadmitted insurance markets by qualified risk managers. It also would ease reinsurers’ regulatory burden by subjecting them only to the solvency laws of their state of domicile under most circumstances. The measure enjoys the backing of the Risk & Insurance Management Society Inc. and major insurance industry groups.
The House approved an earlier version of the bill 417-to-0 vote last year, but it was not taken up by the Senate. No Senate action has been scheduled on companion legislation to the current bill.