Anyone predicting a top-10 story list for 2008 back in late 2007 would have likely put the passage of federal surplus lines reform on the list. But it didn't make the list simply because it didn't happen.
The Nonadmitted and Reinsurance Reform Act–designed to streamline the regulation of multistate surplus lines transactions–didn't become law in 2008.
As the subprime crisis turned to a credit crisis, the meltdown of leading financial institutions and bailouts of major players in that sector and other industries demanded the attention of federal lawmakers.
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