On June 25 and for the second time in nine months, the House  unanimously passed H.R. 1065, the Nonadmitted and Reinsurance Reform Act of 2007.  The bill establishes national standards on how states may regulate and tax surplus lines insurers and also sets national standards concerning the regulation of reinsurance. 

On June 18, Representatives Barney Frank and Michael Capuano, both Democrats from Massachusetts, introduced legislation that would extend and expand the federal Terrorism Risk Insurance Program.  The Terrorism Risk Insurance Revision and Extension Act of 2007 seeks to extend federal reinsurance coverage for terrorism risks for ten more years. 

On May 24, 2007, optional federal charter (OFC) legislation was reintroduced into the Senate as the National Insurance Act of 2007 (S. 40) (NIA), co-sponsored by John Sununu (R-NH) and Tim Johnson (D-SD).  A similar bill is expected to be reintroduced into the House by Ed Royce (R-CA) in the coming weeks.