Political Quotes

“the surplus lines and reinsurance marketplace is subject to regulatory problems that hamper efficiency and pass on higher costs to policyholders. I find it extremely troubling that surplus lines policyholders in a number of States are facing skyrocketing rates due to an unnecessary, inefficient and burdensome regulatory maze for compliance. In addition, I find it problematic that reinsurance rates are rising because some State regulators are taking it upon themselves to throw out arbitration agreements between reinsurance providers and primary carriers. For this reason, I am an original cosponsor of this bipartisan and broadly endorsed legislation. This commonsense bill fixes the problems created by the multitude of conflicting State laws and regulations and by some state-by-state regulators that are taking it upon themselves to throw out the agreements between the reinsurance providers and primary carriers to settle disputes without tying up the courts. Congress must correct flaws in the current regulatory regime of commercial insurance. These policyholders cannot continue to be picking up the tab because of the basic problems in the current insurance regulatory system. I commend Congresswoman Ginny Brown-Waite and Congressman Dennis Moore for introducing this legislation. I strongly urge the Members to vote for H.R. 5637.”