Nonadmitted and Reinsurance Reform Act of 2007

To streamline the regulation of nonadmitted insurance and reinsurance, and for other purposes.

6/25/2007--Passed House without amendment. (This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.) Nonadmitted and Reinsurance Reform Act of 2007 - Title I: Nonadmitted Insurance -
(Sec. 101) 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. 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. Allows an insured's home state to require surplus lines brokers and certain insureds to file annual tax allocation reports detailing the portion of the nonadmitted insurance premiums attributable to properties, risks, or exposures located in each state.
(Sec. 102) 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.
(Sec. 103) 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 of the National Association of Insurance Commissioners (NAIC), or any other equivalent uniform national database.

(Sec. 104) Prohibits a state from:
(1) establishing eligibility criteria for nonadmitted insurers domiciled in a U.S. jurisdiction except in conformance with the Non-Admitted Insurance Model Act; or
(2) prohibiting a surplus lines broker from placing nonadmitted insurance with, or procuring nonadmitted insurance from, a nonadmitted insurer domiciled outside the United States and listed on the NAIC International Insurers Department Quarterly Listing of Alien Insurers.
(Sec. 105) Declares that, subject to certain conditions, a surplus lines broker seeking to procure or place nonadmitted insurance in a state for an exempt commercial purchaser shall not be required to satisfy any state requirement to make a due diligence search to determine whether the full amount or type of insurance sought can be obtained from admitted insurers. Requires waiver of a state due diligence search requirement if:
(1) the broker procuring or placing the surplus lines insurance has disclosed to the exempt commercial purchaser that the insurance may or may not be available from the admitted market that may provide greater protection with more regulatory oversight; and
(2) the exempt commercial purchaser has subsequently requested the broker in writing to procure or place such insurance from a nonadmitted insurer.
(Sec. 106) Directs the Comptroller General to study the nonadmitted insurance market to determine the effect of this Act on its size and market share for providing coverage typically provided by the admitted insurance market. Requires a report to specified congressional committees on the findings of the study. Title II: Reinsurance -
(Sec. 201) Prohibits a state from denying credit for reinsurance if the state of domicile of an insurer purchasing reinsurance (ceding insurer) recognizes credit for reinsurance for the insurer's ceded risk, and:
(1) is either an NAIC-accredited state; or
(2) has financial solvency requirements substantially similar to NAIC accreditation requirements. Preempts extraterritorial application to a ceding insurer of additional specified kinds of non-domiciliary state law, except those with respect to taxes or assessments on insurance companies or insurance income.
(Sec. 202) Reserves to the state of domicile of a reinsurer sole responsibility for regulating the reinsurer's financial solvency, if the state is NAIC-accredited, or has financial solvency requirements substantially similar to NAIC accreditation requirements. Prohibits a non-domiciliary state from requiring a reinsurer to provide financial information other than that required to be filed with its NAIC-compliant domiciliary state.


... morehide bill summarySee Full Bill Text

Sponsor

• Rep. Dennis Moore [D, KS-3]
• and 56 Co-Sponsors
  • Rep. Spencer Bachus [R, AL-6]
  • Rep. Richard Baker [R, LA-6]
  • Rep. Melissa Bean [D, IL-8]
  • Rep. Judy Biggert [R, IL-13]
  • Rep. Gus Bilirakis [R, FL-9]
  • Rep. Leonard Boswell [D, IA-3]
  • Rep. Virginia Brown-Waite [R, FL-5]
  • Rep. Vern Buchanan [R, FL-13]
  • Rep. John Campbell [R, CA-48]
  • Rep. Shelley Capito [R, WV-2]
  • Rep. Michael Castle [R, DE-0]
  • Rep. Kathy Castor [D, FL-11]
  • Rep. Ben Chandler [D, KY-6]
  • Rep. William Clay [D, MO-1]
  • Rep. Emanuel Cleaver [D, MO-5]
  • Rep. Joseph Crowley [D, NY-7]
  • Rep. Danny Davis [D, IL-7]
  • Rep. William Delahunt [D, MA-10]
  • Rep. Charles Dent [R, PA-15]
  • Rep. Mario Diaz-Balart [R, FL-25]
  • Rep. Joe Donnelly [D, IN-2]
  • Rep. Tom Feeney [R, FL-24]
  • Rep. Vito Fossella [R, NY-13]
  • Rep. E. Scott Garrett [R, NJ-5]
  • Rep. Paul Gillmor [R, OH-5]
  • Rep. Al Green [D, TX-9]
  • Rep. Brian Higgins [D, NY-27]
  • Rep. Rubén Hinojosa [D, TX-15]
  • Rep. Tim Holden [D, PA-17]
  • Rep. Steve Israel [D, NY-2]
  • Rep. Paul Kanjorski [D, PA-11]
  • Rep. Peter King [R, NY-3]
  • Rep. Ron Klein [D, FL-22]
  • Rep. Frank Lucas [R, OK-3]
  • Rep. Carolyn Maloney [D, NY-14]
  • Rep. Donald Manzullo [R, IL-16]
  • Rep. Carolyn McCarthy [D, NY-4]
  • Rep. Patrick Mchenry [R, NC-10]
  • Rep. R. Bradley Miller [D, NC-13]
  • Rep. Gary Miller [R, CA-42]
  • Rep. Gwen Moore [D, WI-4]
  • Rep. Christopher Murphy [D, CT-5]
  • Rep. Randy Neugebauer [R, TX-19]
  • Rep. Steven Pearce [R, NM-2]
  • Rep. Adam Putnam [R, FL-12]
  • Rep. Rick Renzi [R, AZ-1]
  • Rep. Peter Roskam [R, IL-6]
  • Rep. Ileana Ros-Lehtinen [R, FL-18]
  • Rep. David Scott [D, GA-13]
  • Rep. Peter Sessions [R, TX-32]
  • Rep. Christopher Shays [R, CT-4]
  • Rep. Brad Sherman [D, CA-27]
  • Rep. Albio Sires [D, NJ-13]
  • Rep. Debbie Wasserman Schultz [D, FL-20]
  • Rep. Robert Wexler [D, FL-19]
  • Rep. C. W. Bill Young [R, FL-10]
  close

Committees

• Senate Banking, Housing, and Urban Affairs
• 4 more
  • House Financial Services
  • House Judiciary
  • House Financial Services
  • House Judiciary
  close

Amendments

This bill has no amendments.

Amendments to H.R.1065

Number	Status	Purpose

Bill Status

Make a Bill Status Widget (Close help)

OpenCongress widgets allow you to display information about bills and issue areas on your own website or blog. First, select which bill or issue you want to track, then customize the appearance of the panel, and finally paste a simple chunk of HTML into your site. Now your community will have an easy, up-to-date way to track the status of important bills and issues in Congress.

Introduced		Voted on by House		Voted on by Senate		Considered By President		Bill Becomes Law
February 15, 2007		June 25, 2007

Show All Actions (11 actions)Hide Actions

All Bill Actions

• Jun 26, 2007: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
• Passed by voice vote in the House on Jun 25, 2007. On motion to suspend the rules and pass the bill Agreed to by voice vote.
• Jun 25, 2007: DEBATE - The House proceeded with forty minutes of debate on H.R. 1065.
• Jun 25, 2007: Considered under suspension of the rules.
• Jun 25, 2007: Mr. Moore (KS) moved to suspend the rules and pass the bill.
• Apr 11, 2007: Referred to the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises.
• Mar 19, 2007: Referred to the Subcommittee on Commercial and Administrative Law.
• Feb 15, 2007: Referred to House Judiciary
• Feb 15, 2007: Referred to House Financial Services
• Feb 15, 2007: Referred to the Committee on Financial Services, and in addition to the Committee on the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
• Introduced on Feb 15, 2007.

---

Related Bills:

• S.929

Related Issue Areas:

• Finance
• Administrative fees
• Business
• Business insurance
• 27 more
• Casualty insurance
• Commercial arbitration
• Congress
• Congressional investigations
• Congressional reporting requirements
• Contracts
• Data banks
• Federal preemption
• Financial statements
• Government information
• Government paperwork
• Insurance
• Insurance agents
• Insurance companies
• Insurance premiums
• Interstate compacts
• Interstate relations
• Law
• Licenses
• Property insurance
• Reinsurance
• State and local government
• State laws
• State taxation
• Tax returns
• Taxation
• Technology

Data from the Congressional Research Service

Users tracking H.R.1065 (1) are also tracking:

In the News

June 27, 2007 RAA hails US Non-admitted and Reinsurance reforms

The US House of Representatives has unanimously approved HR 1065, the Nonadmitted and Reinsurance Reform Act of 2007, which is designed to streamline the ...

Was this article useful? Yes or No

Source: Post Magazine (subscription), UK

Did you find this article useful? Your opinion counts - together, we're finding the very best news and blog coverage about Congress available on the web.

June 25, 2007 NAMIC Encourages Senate to Follow House’s Lead on Surplus Lines Bill

HR 1065, the Nonadmitted and Reinsurance Reform Act of 2007, was approved in the chamber by unanimous consent. “This bill will help policyholders that are ...

Was this article useful? Yes or No

Source: Insurance News Net, PA

Did you find this article useful? Your opinion counts - together, we're finding the very best news and blog coverage about Congress available on the web.

March 14, 2007 Vets' medical benefits debated at State Capitol

The Veterans Depleted Uranium Exposure Testing bill (HR 1065) passed the House Veterans Affairs Division committee last Friday after an exchange of opinions ...

Was this article useful? Yes or No

Source: Pulse of the Twin Cities, MN

Did you find this article useful? Your opinion counts - together, we're finding the very best news and blog coverage about Congress available on the web.

1 more articles...
See most useful news articles

Blog Coverage

July 25, 2008 NAPSLO to testify before Senate Banking Committee

... barriers in state regulation of surplus lines insurance and reinsurance. The bill would create a uniform system, while preserving the role of the state regulator. The House passed a similar version of the bill (HR 1065) in 2006.

Was this article useful? Yes or No

Source: NAPSLO BLOG

Did you find this article useful? Your opinion counts - together, we're finding the very best news and blog coverage about Congress available on the web.

June 13, 2008 Top rated diets

You, or the event establishment company, can exist answer from the participants in the form of questionnaires Texas Department Of Insurance However, state support is limited to Title 1 of the bill, HR 1065, the Nonadmitted and ...

Was this article useful? Yes or No

Source: Clinic Diet Blog

Did you find this article useful? Your opinion counts - together, we're finding the very best news and blog coverage about Congress available on the web.

June 11, 2008 Texas Department Of Insurance

You, or the event establishment company, can exist answer from the participants in the form of questionnaires Texas Department Of Insurance However, state support is limited to Title 1 of the bill, HR 1065, the Nonadmitted and ...

Was this article useful? Yes or No

Source: Texas Department Of Insurance

Did you find this article useful? Your opinion counts - together, we're finding the very best news and blog coverage about Congress available on the web.

21 more posts...
See most useful blog posts

Information made available by: