3.0.0 5637 2023-01-13T04:50:48Z 2023-01-13T04:50:48Z House H HR 2006-06-19 109 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2006-11-13T21:47:06Z hsju00 Judiciary Committee House Standing hsju09 Commercial and Administrative Law Subcommittee Hearings by 2006-09-19T15:37:48Z Referred to 2006-09-18T15:36:43Z Discharged from 2006-09-22T19:41:50Z Referred to 2006-06-19T16:30:10Z hsba00 Financial Services Committee House Standing hsba16 Capital Markets Subcommittee Reported by 2006-07-19T16:35:55Z Markup by 2006-07-19T16:35:23Z Referred to 2006-07-18T15:50:21Z Reported by 2006-09-13T00:13:25Z Markup by 2006-07-26T14:52:55Z Referred to 2006-06-19T16:30:05Z H. Rept. 109-649 2006-11-13 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2006-09-28 Senate Received in the Senate. IntroReferral 2006-09-27 18:57:29 Motion to reconsider laid on the table Agreed to without objection. Floor H38310 2 House floor actions 2006-09-27 18:57:28 On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 417 - 0 (Roll no. 492). (text: CR H7561-7563) Floor H37300 2 House floor actions 492 https://clerk.house.gov/evs/2006/roll492.xml House 109 2006-09-27T22:57:28Z 2 2006-09-27 18:57:28 Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 417 - 0 (Roll no. 492).(text: CR H7561-7563) Floor 8000 9 Library of Congress 492 https://clerk.house.gov/evs/2006/roll492.xml House 109 2006-09-27T22:57:28Z 2 2006-09-27 18:32:25 Considered as unfinished business. (consideration: CR H7592) Floor H30000 2 House floor actions 2006-09-27 17:03:56 At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed. Floor H37220 2 House floor actions 2006-09-27 16:46:44 DEBATE - The House proceeded with forty minutes of debate on H.R. 5637. Floor H8D000 2 House floor actions 2006-09-27 16:46:43 Considered under suspension of the rules. (consideration: CR H7561-7565) Floor H30000 2 House floor actions 2006-09-27 16:46:30 Mr. Oxley moved to suspend the rules and pass the bill, as amended. Floor H30300 2 House floor actions 2006-09-22 Placed on the Union Calendar, Calendar No. 404. Calendars H12410 2 House floor actions U00404 2006-09-22 Committee on Judiciary discharged. Discharge H12300 2 House floor actions hsju00 Judiciary Committee 2006-09-22 Committee on Judiciary discharged. Committee 5500 9 Library of Congress hsju00 Judiciary Committee 2006-09-19 hsju09 Commercial and Administrative Law Subcommittee 1 House committee actions Subcommittee Hearings Held. Committee 2006-09-18 hsju09 Commercial and Administrative Law Subcommittee 1 House committee actions Referred to the Subcommittee on Commercial and Administrative Law. Committee 2006-09-12 House Committee on Judiciary Granted an extension for further consideration ending not later than Sept. 22, 2006. IntroReferral H11210 2 House floor actions hsju00 Judiciary Committee 2006-09-12 Reported (Amended) by the Committee on Financial Services. H. Rept. 109-649, Part I. Committee H12200 2 House floor actions hsba00 Financial Services Committee 2006-09-12 Reported (Amended) by the Committee on Financial Services. H. Rept. 109-649, Part I. Committee 5000 9 Library of Congress hsba00 Financial Services Committee 2006-07-26 Mr. Price (GA) asked unanimous consent that the Committee on Financial Services have until 5:00 p.m. on Aug. 11 to file a report on H.R. 5637. Agreed to without objection. Committee H27200 2 House floor actions hsba00 Financial Services Committee 2006-07-26 hsba00 Financial Services Committee 1 House committee actions Ordered to be Reported (Amended) by Voice Vote. Committee 2006-07-26 hsba00 Financial Services Committee 1 House committee actions Committee Consideration and Mark-up Session Held. Committee 2006-07-19 hsba16 Capital Markets Subcommittee 1 House committee actions Forwarded by Subcommittee to Full Committee (Amended) by Voice Vote . Committee 2006-07-19 hsba16 Capital Markets Subcommittee 1 House committee actions Subcommittee Consideration and Mark-up Session Held. Committee 2006-07-18 hsba16 Capital Markets Subcommittee 1 House committee actions Referred to the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises. Committee 2006-06-19 Referred to the Committee on Financial Services, and in addition to the Committee on the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. IntroReferral H11100 2 House floor actions hsju00 Judiciary Committee 2006-06-19 Referred to the Committee on Financial Services, and in addition to the Committee on the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. IntroReferral H11100-A 9 Library of Congress 2006-06-19 Referred to the Committee on Financial Services, and in addition to the Committee on the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2006-06-19 Introduced in House IntroReferral Intro-H 9 Library of Congress 2006-06-19 Introduced in House IntroReferral 1000 9 Library of Congress B001247 Rep. Brown-Waite, Ginny [R-FL-5] Ginny Brown-Waite R FL 5 N M001140 Rep. Moore, Dennis [D-KS-3] DENNIS MOORE D KS 3 2006-06-19 True B000072 Rep. Baker, Richard H. [R-LA-6] RICHARD BAKER R LA H. 6 2006-06-19 True H000762 Rep. Hooley, Darlene [D-OR-5] DARLENE HOOLEY D OR 5 2006-06-19 True F000447 Rep. Feeney, Tom [R-FL-24] Tom Feeney R FL 24 2006-06-19 True W000797 Rep. Wasserman Schultz, Debbie [D-FL-20] Debbie Wasserman Schultz D FL 20 2006-06-19 True S000250 Rep. Sessions, Pete [R-TX-32] PETE SESSIONS R TX 32 2006-06-19 True H000712 Rep. Holden, Tim [D-PA-17] TIM HOLDEN D PA 17 2006-06-19 True F000440 Rep. Fossella, Vito [R-NY-13] VITO FOSSELLA R NY 13 2006-06-19 True S001157 Rep. Scott, David [D-GA-13] David Scott D GA 13 2006-06-19 True B000013 Rep. Bachus, Spencer [R-AL-6] SPENCER BACHUS R AL 6 2006-06-19 True B001253 Rep. Bean, Melissa L. [D-IL-8] Melissa Bean D IL L. 8 2006-06-19 True R000574 Rep. Renzi, Rick [R-AZ-1] Rick Renzi R AZ 1 2006-06-19 True I000057 Rep. Israel, Steve [D-NY-2] STEVE ISRAEL D NY 2 2006-06-19 True F000451 Rep. Fitzpatrick, Michael G. [R-PA-8] Michael Fitzpatrick R PA G. 8 2006-06-19 True C001038 Rep. Crowley, Joseph [D-NY-7] JOSEPH CROWLEY D NY 7 2006-06-19 True B001232 Rep. Biggert, Judy [R-IL-13] JUDY BIGGERT R IL 13 2006-06-19 True G000210 Rep. Gillmor, Paul E. [R-OH-5] PAUL GILLMOR R OH E. 5 2006-06-21 False M001156 Rep. McHenry, Patrick T. [R-NC-10] Patrick McHenry R NC 10 2006-06-26 False C001064 Rep. Campbell, John [R-CA-48] John Campbell R CA 48 2006-07-17 False M001138 Rep. Manzullo, Donald A. [R-IL-16] DONALD MANZULLO R IL 16 2006-07-18 False 2006-08-11T04:00:00Z H.R. 5637, Nonadmitted and Reinsurance Reform Act of 2006 http://www.cbo.gov/publication/18054 <p>Cost estimate for the bill as ordered reported by the House Committee on Financial Services on July 26, 2006</p> 2006-08-11T04:00:00Z H.R. 5637, Nonadmitted and Reinsurance Reform Act of 2006 https://www.cbo.gov/publication/18054 Cost estimate for the bill as ordered reported by the House Committee on Financial Services on July 26, 2006 Finance and Financial Sector Administrative fees Business insurance Casualty insurance Commerce Commercial arbitration Congress Congressional investigations Congressional reporting requirements Contracts Data banks Federal preemption Financial statements Government Operations and Politics Government paperwork Insurance Insurance agents Insurance companies Insurance premiums Interstate compacts Interstate relations Law Licenses Property insurance Reinsurance Science, Technology, Communications State laws State taxation Tax returns Taxation Finance and Financial Sector 00 2006-06-19 Introduced in House 2006-07-18T17:22:43Z Nonadmitted and Reinsurance Reform Act of 2006 - Prohibits any state other than the home state of an insured from requiring any premium tax payment for nonadmitted insurance.

Prescribes requirements for reporting, payment, and allocation of premium taxes.

Subjects nonadmitted insurance solely to the regulatory requirements of the insured's home state.

Prohibits a state, beginning two years after enactment of this Act, from collecting any fees relating to licensing of a nonresident insurance broker in the state unless the state has laws or regulations in effect that provide for its participation in the national insurance producer database of the National Association of Insurance Commissioners (NAIC).

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.

Prohibits a surplus lines broker from placing nonadmitted insurance with, or procuring nonadmitted insurance from, a nonadmitted insurer domiciled outside the United States that is listed on the Quarterly Listing of Alien Insurers maintained by the NAIC International Insurance Division.

Prescribes conditions under which a surplus lines broker seeking to procure or place nonadmitted insurance in a state for an exempt commercial purchaser shall not be required to satisfy any state requirement to make a due diligence search to determine whether the full amount or type of insurance sought by such exempt commercial purchaser can be obtained from admitted insurers.

Specifies the preemption of state laws regarding a ceding insurer, except those of the ceding insurer's state of domicile.

Declares the state of domicile of a reinsurer solely responsible for regulating the reinsurer's financial solvency if such state is NAIC-accredited.

]]> 18 2006-09-12 Reported to House amended, Part I 2006-10-13T21:08:54Z Nonadmitted and Reinsurance Reform Act of 2006 - Title I: Nonadmitted Insurance - (Sec. 101) Prohibits any state other than the home state of an insured from requiring a premium tax payment for nonadmitted insurance (property and casualty insurance, usually for unique or hard-to-place risks, permitted to be placed directly or through a surplus lines broker with an eligible nonadmitted insurer, that is, an insurer not licensed to engage in the insurance business in a state).

Authorizes states to enter into a compact or otherwise establish procedures to allocate among them the premium taxes paid to an insured's home state.

Declares that Congress intends that each state adopt a nationwide or uniform procedure, such as an interstate compact, that provides for the reporting, payment, collection, and allocation of premium taxes for nonadmitted insurance.

Allows an insured's home state to require surplus lines brokers (licensed in a state to sell, solicit, or negotiate insurance with nonadmitted insurers) and insureds who have independently procured insurance to file tax allocation reports annually with the insured's home state detailing the portion of the nonadmitted insurance policy premium or premiums attributable to properties, risks or exposures located in each state.

(Sec. 102) Subjects nonadmitted insurance solely to the regulatory requirements of the insured's home state.

Declares that only an insured's home state may: (1) require a surplus lines broker to be licensed to sell, solicit, or negotiate nonadmitted insurance with respect to such insured; or (2) enforce regulations governing nonadmitted insurance. Exempts workers' compensation insurance from the home state preemption.

(Sec. 103) 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).

(Sec. 104) 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.

(Sec. 105) Prescribes conditions under which a surplus lines broker seeking to procure or place nonadmitted insurance in a state for an exempt commercial purchaser shall not be required to satisfy any state requirement to make a due diligence search to determine whether the full amount or type of insurance sought by the exempt commercial purchaser can be obtained from admitted insurers.

Defines exempt commercial purchaser as any person purchasing commercial insurance that: (1) employs or retains a qualified risk manager to negotiate insurance coverage; (2) has paid aggregate nationwide commercial property and casualty insurance premiums in excess of $100,000 in the immediately preceding 12 months; and (3) meets at least one of certain net worth, revenue, employee, or annual expenditure criteria, or is a municipality with a population of over 50,000.

(Sec. 106) Directs the Comptroller General to study and report to certain congressional committees regarding the nonadmitted insurance market to determine effect of this Act upon the size and market share of the nonadmitted insurance market for providing coverage typically provided by the admitted insurance market.

Title II: Reinsurance - (Sec. 201) Prohibits a state from denying credit for reinsurance if the state of domicile of an insurer purchasing reinsurance (ceding insurer): (1) is either an NAIC-accredited state; or (2) has financial solvency requirements substantially similar to NAIC accreditation requirements and recognizes credit for reinsurance for the insurer's ceded risk.

Preempts the extraterritorial application of the law of a state other than the ceding insurer's state of domicile to the extent that such law prescribes certain restrictions or requirements.

(Sec. 202) 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 any additional financial information other than that required to file with its NAIC-compliant domiciliary state.

]]> 36 2006-09-27 Passed House amended 2006-10-26T15:34:45Z Nonadmitted and Reinsurance Reform Act of 2006 - Title I: Nonadmitted Insurance - (Sec. 101) Prohibits any state other than the home state of an insured from requiring a premium tax payment for nonadmitted insurance (property and casualty insurance, usually for unique or hard-to-place risks, permitted to be placed directly or through a surplus lines broker with an eligible nonadmitted insurer, that is, an insurer not licensed to engage in the insurance business in a state).

Authorizes states to enter into a compact or otherwise establish procedures to allocate among them the premium taxes paid to an insured's home state.

Declares that Congress intends that each state adopt a nationwide or uniform procedure, such as an interstate compact, that provides for the reporting, payment, collection, and allocation of premium taxes for nonadmitted insurance.

Allows an insured's home state to require surplus lines brokers (licensed in a state to sell, solicit, or negotiate insurance with nonadmitted insurers) and insureds who have independently procured insurance to file tax allocation reports annually with the insured's home state detailing the portion of the nonadmitted insurance policy premium or premiums attributable to properties, risks or exposures located in each state.

(Sec. 102) Subjects nonadmitted insurance solely to the regulatory requirements of the insured's home state.

Declares that only an insured's home state may: (1) require a surplus lines broker to be licensed to sell, solicit, or negotiate nonadmitted insurance with respect to such insured; or (2) enforce regulations governing nonadmitted insurance. Exempts workers' compensation insurance from the home state preemption.

(Sec. 103) 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).

(Sec. 104) 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.

(Sec. 105) Prescribes conditions under which a surplus lines broker seeking to procure or place nonadmitted insurance in a state for an exempt commercial purchaser shall not be required to satisfy any state requirement to make a due diligence search to determine whether the full amount or type of insurance sought by the exempt commercial purchaser can be obtained from admitted insurers.

Defines exempt commercial purchaser as any person purchasing commercial insurance that: (1) employs or retains a qualified risk manager to negotiate insurance coverage; (2) has paid aggregate nationwide commercial property and casualty insurance premiums in excess of $100,000 in the immediately preceding 12 months; and (3) meets at least one of certain net worth, revenue, employee, or annual expenditure criteria, or is a municipality with a population of over 50,000.

(Sec. 106) Directs the Comptroller General to study and report to certain congressional committees regarding the nonadmitted insurance market to determine effect of this Act upon the size and market share of the nonadmitted insurance market for providing coverage typically provided by the admitted insurance market.

Title II: Reinsurance - (Sec. 201) Prohibits a state from denying credit for reinsurance if the state of domicile of an insurer purchasing reinsurance (ceding insurer): (1) is either an NAIC-accredited state; or (2) has financial solvency requirements substantially similar to NAIC accreditation requirements and recognizes credit for reinsurance for the insurer's ceded risk.

Preempts the extraterritorial application of the law of a state other than the ceding insurer's state of domicile to the extent that such law prescribes certain restrictions or requirements.

(Sec. 202) 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 any additional financial information other than that required to file with its NAIC-compliant domiciliary state.

Title III: Rule of Construction - Declares that this Act shall not be construed to modify, impair, or supersede the application of the antitrust laws.

Requires any implied or actual conflict between this Act and any amendments to this Act and the antitrust laws to be resolved in favor of the operation of the antitrust laws.

]]> Nonadmitted and Reinsurance Reform Act of 2006 Display Title Nonadmitted and Reinsurance Reform Act of 2006 Official Title as Introduced To streamline the regulation of nonadmitted insurance and reinsurance, and for other purposes. Introduced in House IH Short Titles as Introduced Nonadmitted and Reinsurance Reform Act of 2006 Short Titles as Reported to House Nonadmitted and Reinsurance Reform Act of 2006 H House Short Titles as Passed House Nonadmitted and Reinsurance Reform Act of 2006 H House Referred in Senate 2006-11-13T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-109hr5637rfs/xml/BILLS-109hr5637rfs.xml Engrossed in House 2006-09-27T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-109hr5637eh/xml/BILLS-109hr5637eh.xml Reported in House 2006-09-22T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-109hr5637rh/xml/BILLS-109hr5637rh.xml Introduced in House 2006-06-19T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-109hr5637ih/xml/BILLS-109hr5637ih.xml 2006-11-13 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.