NU Online News Service
WASHINGTON--Regulation of the surplus lines industry will be modernized and substantively streamlined under a provision of financial services reform legislation approved by House-Senate conferees.
The provision stipulates that in any multistate placement of surplus lines, the only state whose rules govern access to the products is the state in which the insurance is placed--the "principle place of business" for the insured.
Under the provision, those rules include diligent search requirements, premium tax allocations and eligibility standards.
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