3.0.0 4802 2023-01-11T13:16:25Z 2023-01-11T13:16:25Z House H HR 2010-03-10 111 hsba00 Financial Services Committee House Standing Referred to 2010-03-10T15:01:43Z 2010-03-10 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2010-03-10 Introduced in House IntroReferral Intro-H 9 Library of Congress 2010-03-10 Introduced in House IntroReferral 1000 9 Library of Congress M001140 Rep. Moore, Dennis [D-KS-3] DENNIS MOORE D KS 3 N C001064 Rep. Campbell, John [R-CA-48] John Campbell R CA 48 2010-03-10 True K000370 Rep. Kosmas, Suzanne M. [D-FL-24] Suzanne Kosmas D FL M. 24 2010-03-10 True W000800 Rep. Welch, Peter [D-VT-At Large] Peter Welch D VT 0 2010-11-17 False Finance and Financial Sector Administrative law and regulatory procedures Business ethics Business records Corporate finance and management Department of the Treasury Federal preemption Government studies and investigations Insurance industry and regulation Life, casualty, property insurance State and local government operations Finance and Financial Sector 00 2010-03-10 Introduced in House 2010-04-28T19:43:25Z Risk Retention Modernization Act of 2010 - Amends the Liability Risk Retention Act of 1986 to direct the Secretary of the Treasury to: (1) report periodically to the President and Congress on the extent of state compliance with the Act's prohibition of 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.

Directs the Comptroller General to study and report to Congress on actions to ensure that states do not interfere with or regulate risk retention or purchasing groups in an extraterritorial manner precluded by the Act.

Redesignates the Act as the Risk Retention Act.

]]> Risk Retention Modernization Act of 2010 Display Title Risk Retention Modernization Act of 2010 Official Title as Introduced To modernize the Liability Risk Retention Act of 1986 and expand coverage to include commercial property insurance, and for other purposes. Introduced in House IH Short Titles as Introduced Risk Retention Modernization Act of 2010 Introduced in House 2010-03-10T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-111hr4802ih/xml/BILLS-111hr4802ih.xml 2010-03-10 Referred to the House Committee on Financial Services. 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.