3.0.0 1065 2023-01-12T17:53:06Z 2023-01-12T17:53:06Z House H HR 2007-02-15 110 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2007-06-26T22:14:51Z hsba00 Financial Services Committee House Standing hsba16 Capital Markets Subcommittee Referred to 2007-04-11T17:34:25Z Referred to 2007-02-15T15:02:45Z hsju00 Judiciary Committee House Standing hsju09 Commercial and Administrative Law Subcommittee Referred to 2007-03-19T13:19:20Z Referred to 2007-02-15T15:02:50Z Nonadmitted and Reinsurance Reform Act of 2007 110 929 S 2007-03-20 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Related bill CRS 2007-06-26 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2007-06-25 15:57:43 Motion to reconsider laid on the table Agreed to without objection. Floor H38310 2 House floor actions 2007-06-25 15:57:41 On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H7030-7032) Floor H37300 2 House floor actions 2007-06-25 15:57:41 Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by voice vote.(text: CR H7030-7032) Floor 8000 9 Library of Congress 2007-06-25 15:46:00 DEBATE - The House proceeded with forty minutes of debate on H.R. 1065. Floor H8D000 2 House floor actions 2007-06-25 15:45:58 Considered under suspension of the rules. (consideration: CR H7030-7033) Floor H30000 2 House floor actions 2007-06-25 15:45:40 Mr. Moore (KS) moved to suspend the rules and pass the bill. Floor H30300 2 House floor actions 2007-04-11 hsba16 Capital Markets Subcommittee 1 House committee actions Referred to the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises. Committee 2007-03-19 hsju09 Commercial and Administrative Law Subcommittee 1 House committee actions Referred to the Subcommittee on Commercial and Administrative Law. Committee 2007-02-15 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 2007-02-15 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 2007-02-15 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 2007-02-15 Introduced in House IntroReferral Intro-H 9 Library of Congress 2007-02-15 Introduced in House IntroReferral 1000 9 Library of Congress M001140 Rep. Moore, Dennis [D-KS-3] DENNIS MOORE D KS 3 N B001247 Rep. Brown-Waite, Ginny [R-FL-5] Ginny Brown-Waite R FL 5 2007-02-15 True K000008 Rep. Kanjorski, Paul E. [D-PA-11] PAUL KANJORSKI D PA E. 11 2007-02-15 True M000087 Rep. Maloney, Carolyn B. [D-NY-14] CAROLYN MALONEY D NY B. 14 2007-02-15 True S001157 Rep. Scott, David [D-GA-13] David Scott D GA 13 2007-02-15 True K000366 Rep. Klein, Ron [D-FL-22] Ron Klein D FL 22 2007-02-15 True B001253 Rep. Bean, Melissa L. [D-IL-8] Melissa Bean D IL L. 8 2007-02-15 True M000309 Rep. McCarthy, Carolyn [D-NY-4] CAROLYN MCCARTHY D NY 4 2007-02-15 True M001160 Rep. Moore, Gwen [D-WI-4] Gwen Moore D WI 4 2007-02-15 True C001061 Rep. Cleaver, Emanuel [D-MO-5] Emanuel Cleaver D MO 5 2007-02-15 True W000797 Rep. Wasserman Schultz, Debbie [D-FL-20] Debbie Wasserman Schultz D FL 20 2007-02-15 True C001038 Rep. Crowley, Joseph [D-NY-7] JOSEPH CROWLEY D NY 7 2007-02-15 True I000057 Rep. Israel, Steve [D-NY-2] STEVE ISRAEL D NY 2 2007-02-15 True C001049 Rep. Clay, Wm. Lacy [D-MO-1] WM. CLAY D MO LACY 1 2007-02-15 True M001169 Rep. Murphy, Christopher [D-CT-5] Christopher Murphy D CT S. 5 2007-02-15 True D000210 Rep. Delahunt, William D. [D-MA-10] William Delahunt D MA D. 10 2007-02-15 True W000314 Rep. Wexler, Robert [D-FL-19] ROBERT WEXLER D FL 19 2007-02-15 True M001154 Rep. Miller, Brad [D-NC-13] Brad Miller D NC 13 2007-02-15 True D000607 Rep. Donnelly, Joe [D-IN-2] Joe Donnelly D IN 2 2007-02-15 True S000344 Rep. Sherman, Brad [D-CA-27] BRAD SHERMAN D CA 27 2007-02-15 True B000013 Rep. Bachus, Spencer [R-AL-6] SPENCER BACHUS R AL 6 2007-02-15 True B000072 Rep. Baker, Richard H. [R-LA-6] RICHARD BAKER R LA H. 6 2007-02-15 True K000210 Rep. King, Peter T. [R-NY-3] PETER KING R NY T. 3 2007-02-15 True D000600 Rep. Diaz-Balart, Mario [R-FL-25] Mario Diaz-Balart R FL 25 2007-02-15 True B001232 Rep. Biggert, Judy [R-IL-13] JUDY BIGGERT R IL 13 2007-02-15 True G000548 Rep. Garrett, Scott [R-NJ-5] Scott Garrett R NJ 5 2007-02-15 True F000447 Rep. Feeney, Tom [R-FL-24] Tom Feeney R FL 24 2007-02-15 True B001257 Rep. Bilirakis, Gus M. [R-FL-9] Gus Bilirakis R FL M. 9 2007-02-15 True P000586 Rep. Putnam, Adam H. [R-FL-12] ADAM PUTNAM R FL H. 12 2007-02-15 True B001260 Rep. Buchanan, Vern [R-FL-13] Vern Buchanan R FL 13 2007-02-15 True C001064 Rep. Campbell, John [R-CA-48] John Campbell R CA 48 2007-02-15 True M001138 Rep. Manzullo, Donald A. [R-IL-16] DONALD MANZULLO R IL 16 2007-02-15 True S001144 Rep. Shays, Christopher [R-CT-4] CHRISTOPHER SHAYS R CT 4 2007-02-15 True G000210 Rep. Gillmor, Paul E. [R-OH-5] PAUL GILLMOR R OH E. 5 2007-02-15 True M001156 Rep. McHenry, Patrick T. [R-NC-10] Patrick McHenry R NC 10 2007-02-15 True C001047 Rep. Capito, Shelley Moore [R-WV-2] Shelley Capito R WV Moore 2 2007-02-15 True M001139 Rep. Miller, Gary G. [R-CA-42] GARY MILLER R CA 42 2007-02-15 True P000588 Rep. Pearce, Stevan [R-NM-2] Stevan Pearce R NM 2 2007-02-15 True F000440 Rep. Fossella, Vito [R-NY-13] VITO FOSSELLA R NY 13 2007-02-15 True L000491 Rep. Lucas, Frank D. [R-OK-3] FRANK LUCAS R OK D. 3 2007-02-15 True N000182 Rep. Neugebauer, Randy [R-TX-19] Randy Neugebauer R TX 19 2007-02-15 True C001066 Rep. Castor, Kathy [D-FL-11] Kathy Castor D FL 11 2007-02-15 True C000243 Rep. Castle, Michael N. [R-DE-At Large] MICHAEL CASTLE R DE N. 0 2007-02-15 True R000574 Rep. Renzi, Rick [R-AZ-1] Rick Renzi R AZ 1 2007-02-15 True H000712 Rep. Holden, Tim [D-PA-17] TIM HOLDEN D PA 17 2007-02-15 True G000553 Rep. Green, Al [D-TX-9] Al Green D TX 9 2007-02-28 False Y000031 Rep. Young, C. W. Bill [R-FL-10] C. W. Young R FL Bill 10 2007-02-28 False B000652 Rep. Boswell, Leonard L. [D-IA-3] LEONARD BOSWELL D IA L. 3 2007-02-28 False S001165 Rep. Sires, Albio [D-NJ-13] Albio Sires D NJ 13 2007-02-28 False C001058 Rep. Chandler, Ben [D-KY-6] Ben Chandler D KY 6 2007-04-30 False H001038 Rep. Higgins, Brian [D-NY-27] Brian Higgins D NY 27 2007-05-10 False R000435 Rep. Ros-Lehtinen, Ileana [R-FL-18] ILEANA ROS-LEHTINEN R FL 18 2007-06-05 False D000604 Rep. Dent, Charles W. [R-PA-15] Charles Dent R PA W. 15 2007-06-25 False R000580 Rep. Roskam, Peter J. [R-IL-6] Peter Roskam R IL J. 6 2007-06-25 False S000250 Rep. Sessions, Pete [R-TX-32] PETE SESSIONS R TX 32 2007-06-25 False D000096 Rep. Davis, Danny K. [D-IL-7] DANNY DAVIS D IL K. 7 2007-06-25 False H000636 Rep. Hinojosa, Ruben [D-TX-15] RUBEN HINOJOSA D TX 15 2007-06-25 False 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 2007-02-15 Introduced in House 2007-07-13T19:25:35Z 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 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 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 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: (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 (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.

]]> 81 2007-06-25 Passed House without amendment 2007-07-13T19:21:17Z (This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)

Nonadmitted and Reinsurance Reform Act of 2007 - 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.

Authorizes states to enter into procedures to allocate among themselves the premium taxes paid to an insured's home 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.

Allows an insured's home state to require surplus lines brokers and certain insureds to file annual tax allocation reports detailing the portion of the nonadmitted insurance 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 require a surplus lines broker to be licensed to conduct nonadmitted insurance business with respect to such insured.

(Sec. 103) 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.

(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) Declares that, subject to certain conditions, 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 can be obtained from admitted insurers.

Requires waiver of a state due diligence search requirement if: (1) the broker procuring or placing the surplus lines insurance has disclosed to the exempt commercial purchaser that the insurance may or may not be available from the admitted market that may provide greater protection with more regulatory oversight; and (2) the exempt commercial purchaser has subsequently requested the broker in writing to procure or place such insurance from a nonadmitted insurer.

(Sec. 106) Directs the Comptroller General to study the nonadmitted insurance market to determine the effect of this Act on its size and market share for providing coverage typically provided by the admitted insurance market. Requires a report to specified congressional committees on the findings of the study.

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) 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.

Preempts extraterritorial application to a ceding insurer of additional specified kinds of non-domiciliary state law, except those with respect to taxes or assessments on insurance companies or insurance income.

(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 non-domiciliary state from requiring a reinsurer to provide financial information other than that required to be filed with its NAIC-compliant domiciliary state.

]]> Nonadmitted and Reinsurance Reform Act of 2007 Display Title Nonadmitted and Reinsurance Reform Act of 2007 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 2007 Short Titles as Passed House Nonadmitted and Reinsurance Reform Act of 2007 H House Referred in Senate 2007-06-26T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110hr1065rfs/xml/BILLS-110hr1065rfs.xml Engrossed in House 2007-06-25T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110hr1065eh/xml/BILLS-110hr1065eh.xml Introduced in House 2007-02-15T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110hr1065ih/xml/BILLS-110hr1065ih.xml 2007-06-26 Received in the Senate and 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.