Congress Action On Insurer Bills Looks Unlikely

Congressional action on key issues affecting property-casualty insurers may not get going until next year based on the lawmakers' timetable, industry lobbyists said. Congress resumes work September 5 after a month-long recess, but plans to leave by September 29. Issues possibly on the agenda include another hearing before the Senate Banking Committee on insurance regulatory issues and action on legislation that simplifies state oversight of multistate surplus lines and reinsurance. On the issue of insurance regulatory reform, Congress is considering a bill that streamlines and clarifies multistate surplus lines insurance contracts establishing the insured's home state as the sole regulator and collector of premium taxes. The bill allows sophisticated buyers to shop the surplus lines market without requiring them to first seek coverage on the admitted market. According to lobbyists, some insurance issues could also be taken up in a lame duck session congressional leadership could hold in mid-November. (National Underwriter, 9/1)