3.0.0 1363 2023-01-11T13:18:35Z 2023-01-11T13:18:35Z Senate S S 2009-06-25 111 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2009-06-25T20:18:02Z 2009-06-25 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2009-06-25 Introduced in Senate IntroReferral 10000 9 Library of Congress M001162 Sen. Martinez, Mel [R-FL] Mel Martinez R FL N B001233 Sen. Bayh, Evan [D-IN] EVAN BAYH D IN 2009-06-25 True N000032 Sen. Nelson, Bill [D-FL] CLARENCE NELSON D FL WILLIAM 2009-06-25 True C000880 Sen. Crapo, Mike [R-ID] Mike Crapo R ID 2009-06-25 True H.R.4173 https://www.congress.gov/bill/111th-congress/house-bill/4173 Finance and Financial Sector Business records Foreign and international corporations Insurance industry and regulation Intergovernmental relations Licensing and registrations State and local government operations State and local taxation Tax administration and collection, taxpayers User charges and fees Finance and Financial Sector 00 2009-06-25 Introduced in Senate 2009-07-02T19:46:58Z Nonadmitted and Reinsurance Reform Act of 2009 - 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 uniform requirements, forms, and procedures, such as an interstate compact, 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 establishing eligibility criteria for nonadmitted insurers domiciled in a U.S. jurisdiction except in conformance with the Non-Admitted Insurance Model Act, unless the state has adopted nationwide uniform requirements, forms, and procedures developed in accordance with this Act that include alternative nationwide uniform eligibility requirements.

Prohibits a state from 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.

]]> Nonadmitted and Reinsurance Reform Act of 2009 Display Title Nonadmitted and Reinsurance Reform Act of 2009 Official Title as Introduced A bill to streamline the regulation of nonadmitted insurance and reinsurance, and for other purposes. Introduced in Senate IS Short Titles as Introduced Nonadmitted and Reinsurance Reform Act of 2009 Introduced in Senate 2009-06-25T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-111s1363is/xml/BILLS-111s1363is.xml 2009-06-25 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.