U.S. Congress - S.1363 Nonadmitted and Reinsurance Reform Act of 2009
S.1363 - Nonadmitted and Reinsurance Reform Act of 2009
A bill to streamline the regulation of nonadmitted insurance and reinsurance, and for other purposes. view all titles (2)
All Bill Titles
- Official: A bill to streamline the regulation of nonadmitted insurance and reinsurance, and for other purposes. as introduced.
- Short: Nonadmitted and Reinsurance Reform Act of 2009 as introduced.
This Bill currently has no wiki content. If you would like to create a wiki entry for this bill, please Login, and then select the wiki tab to create it.
Bill's Views
- Today: 1
- Past Seven Days: 16
- All-Time: 1,081
|
|
|
|
|
|
|
|
Committees
Official Summary
6/25/2009--Introduced.Nonadmitted and Reinsurance Reform Act of 2009 - Prohibits any state other than the home state of an insured from requiring a premium tax payment for nonadmitted insurance.Authorizes states to establish procedures to allocate among themselves the premium taxes paid toOfficial Summary
6/25/2009--Introduced.Nonadmitted and Reinsurance Reform Act of 2009 - Prohibits any state other than the home state of an insured from requiring a premium tax payment for nonadmitted insurance.Authorizes states to establish 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 uniform requirements, forms, and procedures, such as an interstate compact, 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 in the state unless it has a regulatory mechanism in effect 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 establishing eligibility criteria for nonadmitted insurers domiciled in a U.S. jurisdiction except in conformance with the Non-Admitted Insurance Model Act, unless the state has adopted nationwide uniform requirements, forms, and procedures developed in accordance with this Act that include alternative nationwide uniform eligibility requirements. Prohibits a state from 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 (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.Reserves to reinsurer's state of domicile the sole responsibility for regulating the reinsurer's financial solvency if such state is either NAIC-accredited, or has financial solvency requirements substantially similar to NAIC.Prohibits a state from requiring a reinsurer to provide financial information other than that required to be filed with its NAIC-compliant domiciliary state.
...Read the Rest
Recent News Coverage
Hmmmm, no news coverage found for this bill at this time. This means that this this bill has not yet been mentioned on a publicly-searchable news website by either its official number (for example, "H.R. 3200") or title (for example, "America's Affordable Health Choices Act of 2009"). As soon as that changes, our daily automated search across the Web will catch it and include it here. If this bill is of interest to you, you can write a letter to the editor referring to this bill by name, and if your letter is published on the Web, a link back your letter will appear here within about one day. Or, if you know of a news article about this bill to display here, email us the web address of this page and the web address of your suggested news article: Our editorial team will post relevant links as quickly as possible. Thanks for helping to build public knowledge about Congress.
Recent Blog Coverage
View All (50)
|
View Top Rated
Economic Legislation: The Dodd-Frank Wall Street Reform and ...
... Insurance Office (similar to language originally contained in H.R. 2609) and a subtitle streamlining the existing state regulation of surplus lines and reinsurance (similar to language originally contained in H.R. 2572/S. 1363). ...
Penny Hill Press » Blog Archive » The Dodd-Frank Wall Street ...
... Insurance Office (similar to language originally contained in H.R. 2609) and a subtitle streamlining the existing state regulation of surplus lines and reinsurance (similar to language originally contained in H.R. 2572/S. 1363). ...
Economic Legislation: Insurance and Financial Regulatory Reform in ...
H.R. 4173 and S. 3217 also include narrower insurance reform language regarding surplus lines insurance and reinsurance similar to H.R. 2572/S. 1363, which had previously passed the House. The House of Representatives passed H.R. 4173 ...
Vote on This Bill
-
Share This Bill
More Share via Email
