3.0.0 929 2023-01-11T19:45:43Z 2023-01-11T19:45:43Z Senate S S 2007-03-20 110 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2007-03-20T19:45:59Z Nonadmitted and Reinsurance Reform Act of 2007 110 1065 HR 2007-06-26 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Related bill CRS 2007-03-20 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2007-03-20 Introduced in Senate IntroReferral 10000 9 Library of Congress M001162 Sen. Martinez, Mel [R-FL] Mel Martinez R FL N N000032 Sen. Nelson, Bill [D-FL] CLARENCE NELSON D FL WILLIAM 2007-03-20 True C000880 Sen. Crapo, Mike [R-ID] Mike Crapo R ID 2007-05-24 False V000127 Sen. Vitter, David [R-LA] David Vitter R LA 2008-02-07 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 2007-03-20 Introduced in Senate 2007-04-19T21:30:53Z 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.

]]> Nonadmitted and Reinsurance Reform Act of 2007 Official Title as Introduced A bill to streamline the regulation of nonadmitted insurance and reinsurance, and for other purposes. Introduced in Senate IS Display Title Nonadmitted and Reinsurance Reform Act of 2007 Short Titles as Introduced Nonadmitted and Reinsurance Reform Act of 2007 Introduced in Senate 2007-03-20T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s929is/xml/BILLS-110s929is.xml 2007-03-20 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.