Law360, New York (December 15, 2010, 12:29 PM EST) -- In July 2010, the U.S. Congress enacted the Dodd-Frank Wall Street Reform and Consumer Protection Act. As part of the overall federal financial regulatory reform package contained in the act, Congress has finally legislated limited reforms in the reinsurance and surplus lines sectors. It has also at least opened the door to greater federal oversight of U.S. insurance markets (although the midterm election results have now made even that proposition uncertain).
The new act makes a number of significant adjustments to U.S. insurance regulation:
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