WASHINGTON–The House Financial Services Committee yesterday made its first move toward modernizing the insurance regulatory system, approving legislation designed to ease the regulatory burden on surplus lines and reinsurers.

As the committee debated the bill, Rep. Mike Oxley, R-Ohio, the chairman, said it represented "the first step in this committee's journey toward insurance regulatory modernization."

The bill, known as HR 5637 or the Nonadmitted and Reinsurance Reform Act, was passed by voice vote.

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