3.0.0 2126 2019-11-15T20:53:46Z 2022-05-20T16:27:20Z House H HR 2011-06-03 112 From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. CAMPBELL:H.R. 2126.Congress has the power to enact this legislation pursuantto the following:Clause 3 of section 8 of article I of the Constitution ofthe United States.[Page H4036]]]> hsba00 Financial Services Committee House Standing hsba04 Housing and Insurance Subcommittee Referred to 2011-07-29T20:35:31Z Referred to 2011-06-03T13:05:30Z 2011-07-29 hsba04 Housing and Insurance Subcommittee 1 House committee actions Referred to the Subcommittee on Insurance, Housing and Community Opportunity. Committee 2011-06-03 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2011-06-03 Introduced in House IntroReferral Intro-H 9 Library of Congress 2011-06-03 Introduced in House IntroReferral 1000 9 Library of Congress C001064 Rep. Campbell, John [R-CA-48] John Campbell R CA 48 N W000800 Rep. Welch, Peter [D-VT-At Large] Peter Welch D VT 0 2011-06-03 True 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 2011-06-03 Introduced in House 2011-08-26T20:05:46Z Risk Retention Modernization Act of 2011 - Amends the Liability Risk Retention Act of 1986 to require the Director of the Federal Insurance Office to: (1) report periodically to the President and Congress on the extent of state compliance with the Act's prohibition against 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.

Redesignates the Act as the Risk Retention Act.

]]> Risk Retention Modernization Act of 2011 Short Titles as Introduced Risk Retention Modernization Act of 2011 Display Title Risk Retention Modernization Act of 2011 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 2011-06-03T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-112hr2126ih/xml/BILLS-112hr2126ih.xml 2011-07-29 Referred to the Subcommittee on Insurance, Housing and Community Opportunity. 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.