[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[S. 1561 Introduced in Senate (IS)]

114th CONGRESS
  1st Session
                                S. 1561

To clarify the definition of nonadmitted insurer under the Nonadmitted 
      and Reinsurance Reform Act of 2010, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             June 11, 2015

 Mr. Leahy (for himself and Mr. Graham) introduced the following bill; 
which was read twice and referred to the Committee on Banking, Housing, 
                           and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
To clarify the definition of nonadmitted insurer under the Nonadmitted 
      and Reinsurance Reform Act of 2010, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Captive Insurers Clarification 
Act''.

SEC. 2. CAPTIVE INSURERS.

    Section 527 of the Nonadmitted and Reinsurance Reform Act of 2010 
(15 U.S.C. 8206) is amended--
            (1) by redesignating paragraphs (4) through (16) as 
        paragraphs (5) through (17), respectively;
            (2) by inserting after paragraph (3) the following:
            ``(4) Captive insurance company.--The term `captive 
        insurance company' includes any insurance company--
                    ``(A) that is wholly owned, directly or indirectly, 
                by a single parent company, and whose primary purpose 
                is to provide insurance to cover the risks of such 
                single parent company or any affiliates of such single 
                parent company;
                    ``(B) that is wholly owned, directly or indirectly, 
                by a group of companies, and whose primary purpose is 
                to provide insurance to cover the risks of such group 
                of companies or any affiliates of such group of 
                companies; and
                    ``(C) that is wholly owned, directly or indirectly, 
                by an industry, trade, or service group or association, 
                and whose primary purpose is to provide insurance to 
                cover the risks to any member in such group or 
                association or any affiliate of such member.''; and
            (3) in paragraph (12)(B), as so redesignated--
                    (A) by striking ``(B) does not include a risk 
                retention group'' and inserting the following:
                    ``(B) does not include--
                            ``(i) a risk retention group'';
                    (B) by striking the period at the end and inserting 
                ``; or''; and
                    (C) by adding at the end the following:
                            ``(ii) a captive insurance company.''.
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