H.R.5792 - Increasing Insurance Coverage Options for Consumers Act of 2008

To amend the Liability Risk Retention Act of 1986 to increase insurance competition and available coverage for consumers. view all titles (2)

All Bill Titles

  • Official: To amend the Liability Risk Retention Act of 1986 to increase insurance competition and available coverage for consumers. as introduced.
  • Short: Increasing Insurance Coverage Options for Consumers Act of 2008 as introduced.

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  • Past Seven Days: 9
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Introduced
 
House
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Senate
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President
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04/14/08
 
 
 
 
 
 
 

Official Summary

4/15/2008--Introduced.Increasing Insurance Coverage Options for Consumers Act of 2008 - Amends the Liability Risk Retention Act of 1986 to cover risk retention groups offering commercial property insurance. Applies the exemption of purchasing groups from state law to commercial property in

Official Summary

4/15/2008--Introduced.
Increasing Insurance Coverage Options for Consumers Act of 2008 - Amends the Liability Risk Retention Act of 1986 to cover risk retention groups offering commercial property insurance. Applies the exemption of purchasing groups from state law to commercial property insurance. Terminates the inclusion in risk retention groups under the Act of any such group chartered, licensed, or authorized under the laws of Bermuda or the Cayman Islands. Prescribes general corporate governance standards for such groups, together with license or charter criteria regarding state examination authority and minimum requirements for safety and soundness. Prohibits a risk retention group from participating in an insurance insolvency guaranty association that includes participants other than risk retention groups. Revises procedures for:
(1) submitting financial documents to state insurance commissioners; and
(2) mandatory disclosures.
Imposes a fiduciary duty upon the board of directors of a risk retention group to operate in the best interests of the group.
Prohibits a state from issuing a cease-and-desist order to any risk retention group or purchasing group that is not chartered or licensed in such state, or otherwise attempt to regulate such group, except as specifically permitted under this Act.
Redesignates the Liability Risk Retention Act as the Risk Retention Act.


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Recent News Coverage

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04/16/08
RIMS Supports Increasing Insurance Coverage Options For Consumers Act

HR 5792, the Increasing Insurance Coverage Options for Consumers Act of 2008, would help to stabilize prices and increase coverage availability in the ...

Source: Insurance News Net (press release), PA
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Recent Blog Coverage

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12/11/08
Financing Recovery from Large-Scale Natural Disasters: Open CRS ...

They include (1) study commissions -- H.R. 537/S.292/S. 2286; (2) tax reform incentives -- H.R. 164/H.R. 1787/S. 926/S.2327/S. 927; (3) flood insurance reform -- H.R. 920/H.R. 3121/S. 2284; (4) risk retention group reform -- H.R. 5792; ...

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12/11/08
Financing Recovery from Large-Scale Natural Disasters « RFF ...

They include (1) study commissions — H.R. 537/S.292/S. 2286; (2) tax reform incentives — H.R. 164/H.R. 1787/S. 926/S.2327/S. 927; (3) flood insurance reform — H.R. 920/H.R. 3121/S. 2284; (4) risk retention group reform — H.R. 5792; ...

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12/07/08
Financing Recovery from Large-Scale Natural Disasters: Open CRS ...

They include (1) study commissions -- H.R. 537/S.292/S. 2286; (2) tax reform incentives -- H.R. 164/H.R. 1787/S. 926/S.2327/S. 927; (3) flood insurance reform -- H.R. 920/H.R. 3121/S. 2284; (4) risk retention group reform -- H.R. 5792; ...

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