RIMS Supports Senate's Surplus Lines Bill 6/25/2009


RIMS announced today that it supports the efforts of Sen. Mel Martinez, R-Fla., Sen. Evan Bayh, D-Ind., Sen. Bill Nelson, D-Fla., and Sen. Mike Crapo, R-Idaho, on reintroducing the Non-Admitted and Reinsurance Reform Act of 2009 to the U.S. Senate.

According to the legislation, in order for commercial insurance purchasers to gain expedited access to the non-admitted market, an insured must employ a "qualified risk manager" to work with a broker. Previously, RIMS lobbied members of the House Financial Services Committee to modify the original legislation to provide a broader definition of a "qualified risk manager". The Society is pleased that the Senate version now incorporates the RIMS-approved definition of a "qualified risk manager," and urges the Senate to pass the bill as soon as possible.

For more information on RIMS legislative activities, visit www.RIMS.org/LegislativeAction.