H.R.2126 - Risk Retention Modernization Act of 2011

To modernize the Liability Risk Retention Act of 1986 and expand coverage to include commercial property insurance, and for other purposes. view all titles (2)

All Bill Titles

  • Official: To modernize the Liability Risk Retention Act of 1986 and expand coverage to include commercial property insurance, and for other purposes. as introduced.
  • Short: Risk Retention Modernization Act of 2011 as introduced.

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Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
06/03/11
 
 
 
 
 
 
 

Official Summary

Risk Retention Modernization Act of 2011 - Amends the Liability Risk Retention Act of 1986 to require the Director of the Federal Insurance Office to: (1) report periodically to the President and Congress on the extent of state compliance with the Act's prohibition against state regula

Official Summary

Risk Retention Modernization Act of 2011 - Amends the Liability Risk Retention Act of 1986 to require the Director of the Federal Insurance Office to:
(1) report periodically to the President and Congress on the extent of state compliance with the Act's prohibition against state regulation of risk retention and purchasing groups that are not domiciliaries of the state; and
(2) issue certain corporate governance standards, meeting specified criteria, for risk retention groups. Extends the coverage of the Act to risk retention groups offering commercial property insurance. Applies to commercial property insurance the exemption of purchasing groups from state law. 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. Redesignates the Act as the Risk Retention Act.

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