Nonadmitted and Reinsurance Reform Act of 2007

[AI summary unavailable — showing source text] Nonadmitted and Reinsurance Reform Act of 2007 - Prohibits any state other than the home state of an insured from requiring a premium tax payment for nonadmitted insurance. Authorizes states to enter into procedures to allocate among themselves the premium taxes paid to an insured's home state. Allows an insured's home state to require surplus lines brokers and certain insureds to file annually tax allocation reports detailing the portion of the nonadmitted insurance premiums attributable to properties, risks, or exposures located in each state. Declares that Congress intends that each state adopt a nationwide or uniform procedure that provides for the reporting, payment, collection, and allocation of premium taxes for nonadmitted insurance. Subjects nonadmitted insurance solely to the regulatory requirements of the insured's home state. Declares that only an insured's home state may require a surplus lines broker to be licensed to conduct nonadmitted insurance business with respect to such insured. Prohibits a state from collecting fees relating to licensure of a surplus lines broker unless it has a regulatory mechanism for participation in the national insurance producer database…