Nonadmitted and Reinsurance Reform Act of 2007

A bill to streamline the regulation of nonadmitted insurance and reinsurance, and for other purposes.

3/20/2007--Introduced.
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 of the National Association of Insurance Commissioners (NAIC), or any other equivalent uniform national database. 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. Prohibits a state from denying credit for reinsurance if the state of domicile of an insurer purchasing reinsurance 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. 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 state from requiring a reinsurer to provide financial information other than that required to file with its NAIC-compliant domiciliary state.


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Sponsor

• Sen. Mel Martinez [R, FL]
• and 3 Co-Sponsors
  • Sen. Michael Crapo [R, ID]
  • Sen. Bill Nelson [D, FL]
  • Sen. David Vitter [R, LA]
  close

Committees

• Senate Banking, Housing, and Urban Affairs

Amendments

This bill has no amendments.

Amendments to S.929

Number	Status	Purpose

Bill Status

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Introduced		Voted on by Senate		Voted on by House		Considered By President		Bill Becomes Law
March 20, 2007

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All Bill Actions

• Mar 20, 2007: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
• Introduced on Mar 20, 2007.
• Mar 20, 2007: Introductory remarks on measure. (CR S3360-3362)

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Related Bills:

• H.R.1065

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

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In the News

September 10, 2007 Why NAPSLO Backs Regulatory Reform For Surplus Lines

A companion bill, S. 929, has been introduced in the Senate. If enacted, this legislation would significantly increase the ease of purchasing surplus-lines ...

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