WASHINGTON–The House today unanimously passed legislation reforming regulation of the surplus lines and reinsurance markets.

H.R. 1065–the Nonadmitted and Reinsurance Reform Act of 2007–gives the home state regulator of the insurer primary oversight of multi-state surplus lines risks.

Under the bill, the home state regulator would also be responsible for allocating any taxes collected on the coverage to the other involved states. The legislation makes it easier for sophisticated purchasers to access the surplus lines market.

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