NU Online News Service

State regulators and legislators today failed to reach agreement on a model law needed to implement the federal legislation reforming and modernizing regulation of the surplus lines and reinsurance industries.

At the same time, they agreed at the annual meeting of the National Conference of Insurance Legislators (NCOIL) in Austin that they must act to implement the law before a drop-dead date of June 11, 2011, or Congress is likely to step in.

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