What’s New: In brief (September 26, 2006)

Aon Re Global has appointed Elliot Richardson as the new head of its global cedant facultative reinsurance activities. Richardson recently resigned from his role as head of facultative reinsurance at Benfield. Based in London, he will reportto Michael O’Halleran, chairman and chief executive of Aon Re Global. Aon says it has “been recruiting in the cedant facultative reinsurance area for some time.”

The US House of Representatives will vote today on a bill that will regulate reinsurers and surplus lines insurers. The Nonadmitted and Reinsurance Reform Act is set to create a streamlined system for regulation and taxing of the surplus lines insurance industry by ensuring that nonadmitted insurance is only subject to regulation in the policyholders’ state of address. This regulation will allow a reinsurer’s state of domicile sole authority for regulating the reinsurer’s solvency under most circumstances.