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Surplus Lines Bill Reintroduced in Congress

The Non-Admitted and Reinsurance Reform Act of 2009 (H.R. 2571) has been introduced in the U.S. House by Reps. Dennis Moore (D-Kan.) and Scott Garrett...
May 27, 2009

The Non-Admitted and Reinsurance Reform Act of 2009 (H.R. 2571) has been introduced in the U.S. House by Reps. Dennis Moore (D-Kan.) and Scott Garrett (R-N.J.). Sens. Evan Bayh (D-Ind.) and Mel Martinez (R-Fla.) have also announced plans to introduce a version of the legislation in the Senate.

Sponsors say H.R. 2571 is aimed at making access to the surplus lines market more efficient and help standardize state insurance regulation. They say the bill would establish national standards for how states regulate the surplus lines market and reinsurance and would create a uniform system of surplus lines premium tax allocation and remittance, one-state compliance on multi-state surplus lines risks, and direct access to the surplus lines market for sophisticated commercial purchasers.