Hon. Michael G. Oxley: “Mr. Speaker, today is a historic moment in the evolution of our insurance marketplace. The Nonadmitted and Reinsurance…”

“Mr. Speaker, today is a historic moment in the evolution of our insurance marketplace. The Nonadmitted and Reinsurance Reform Act is an important reform for consumers, helping American homeowners and businesses to obtain more available and more affordable insurance coverage. It will especially help consumers in high-cost areas, such as coastal regions and urban cities vulnerable to terrorist risk. But equally important, this bill is the next critical step in a long journey towards comprehensive reform of how insurance is regulated at the State and Federal levels. In 1995, I chaired some of the first hearings in the new Republican Congress on insurance reform and helped shape the largest financial services modernization bill of the last decade, the Gramm-Leach-Bliley Act. We finally got GLBA enacted in the waning days of 1999, but it wasn't easy. The Congress had been working on regulatory reform for some 66 years, enough time for three generations of lobbyists to put their children through college.”