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H.R. 5637 Offers Roadmap to Save State Regulation
by Robert H. Myers
Morris, Manning & Martin, LLP
Washington Office
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April 10, 2007
Previously published on Fall 2006
The Non-Admitted and Reinsurance Reform Act (H.R. 5637) (the "Act") is the first of several pieces of legislation that will be introduced to reform state insurance regulation. The need for substantial reform is acknowledged almost universally. During a recent hearing on the proposed National Insurance Act (S. 2509), Treasury Undersecretary Randal Quarles testified that state regulation can be "burdensome" and "inefficient" and that the current system of state regulation creates international trade problems regarding access to U.S. and foreign financial services markets. Such a direct statement by a Republican Administration is a signal to the states that change is going to occur.
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The views expressed in this document are solely the views of the author and not Martindale-Hubbell. This document is intended for informational purposes only and is not legal advice or a substitute for consultation with a licensed legal professional in a particular case or circumstance. |
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