[Congressional Record Volume 156, Number 114 (Friday, July 30, 2010)]
[Extensions of Remarks]
[Page E1505]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




 H.R. 4173, THE DODD-FRANK WALL STREET REFORM AND CONSUMER PROTECTION 
          ACT CLARIFICATION OF INTENT WITH RESPECT TO TITLE V

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                           HON. DENNIS MOORE

                               of kansas

                    in the house of representatives

                         Friday, July 30, 2010

  Mr. MOORE of Kansas. Madam Speaker, as a House conferee and the chief 
sponsor of H.R. 2571, the Nonadmitted and Reinsurance Reform Act, that 
was included in the conference report for H.R. 4173, the Dodd-Frank 
Wall Street Reform and Consumer Protection Act, I want to make several 
important clarifications of intent on the final language. The President 
signed the Dodd-Frank Act into law last week (P.L. 111-203).
  With respect to Sec. 533(5) of the Dodd-Frank Act, the definition of 
``reinsurer'' is not to be construed narrowly, thereby limiting or 
avoiding the intent of Congress with respect to Title V, Subtitle B, 
Part II.
  Additionally, Sections 531 and 532 of the Dodd-Frank Act entitled 
``Regulation of Credit for Reinsurance and Reinsurance Agreements'' and 
``Regulation of Reinsurer Solvency'', respectively, are also not to be 
construed narrowly so as to limit or avoid the intent of Congress with 
respect to Title V, Subtitle B, Part II. Furthermore, the clear intent 
of Section 532 in the manner it is written and should be understood is 
that the regulation of reinsurer solvency, pursuant to the Dodd-Frank 
Act, includes the NAIC Financial Regulation Standards and Accreditation 
Program's laws and regulations.
  Finally, in order to ensure the States are appropriately implementing 
the Nonadmitted and Reinsurance Reform Act, it is the intent of 
Congress that the Study and Report on Regulation of Insurance required 
pursuant to Title V, Subtitle A, Sec. 502 of the Dodd-Frank Act include 
an evaluation of each State's compliance with Title V, Subtitle B.

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