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.

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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Sponsor

• Rep. Dennis Moore [D, KS-3]
• and 3 Co-Sponsors
  • Rep. John Campbell [R, CA-48]
  • Rep. Ron Klein [D, FL-22]
  • Rep. Deborah Pryce [R, OH-15]
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Committees

• House Financial Services

Amendments

This bill has no amendments.

Amendments to H.R.5792

Number	Status	Purpose

Bill Status

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Introduced		Voted on by House		Voted on by Senate		Considered By President		Bill Becomes Law
April 15, 2008

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All Bill Actions

• Apr 15, 2008: Referred to the House Committee on Financial Services.
• Introduced on Apr 15, 2008.

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In the News

April 17, 2008 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 ...

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Source: Insurance News Net (press release), PA

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Blog Coverage

July 09, 2008 House Committee Considers Legislation

The two other pieces of insurance legislation up for consideration are: HR 5792, Increasing Insurance Coverage Options for Consumers Act of 2008 and HR 5611, National Association of Registered Agents and Brokers Reform Act of 2008. ...

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Source: Cheap Insurance

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July 03, 2008 House Panel Set To Move On Insurance Office Bill

The Increasing Insurance Coverage Options for Consumers Act of 2008, HR 5792, would allow risk retention groups to offer property insurance. The groups are currently limited to liability coverage. It would also beef up corporate ...

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Source: Sabal Insurance Group's News Blog

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April 30, 2008 Rims charge more and more insurance consumers with options to act

The insurance and risk management company gives the following Inc. Press Release:. Risks and Insurance Management Society, Inc. (RIMS) supports efforts by Members of Congress Dennis Moore, D-Kansas, and Congress Woman Deborah Pryce, ...

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Source: Maryland Insurance

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