REINSURANCE REGULATION: STATE AND FEDERAL LEGISLATIVE UPDATE
Following are selected bills in the reinsurance area that were recently introduced or adopted in the state or federal legislature:
• S. 5994 was recently introduced in the New York Senate to permit mortgage guaranty insurers to obtain credit for reinsurance in a manner conforming to the requirements prescribed by the Superintendent of Insurance. The bill was referred to the Rules Committee.
• Oregon enacted House Bill No. 2755 (mentioned in our May 8, 2009 post), which requires the Department of Consumer and Business Services to conduct a study of options available for utilizing reinsurance and other mechanisms for spreading risk in individual and small employer group health insurance markets and submit a report to the Legislative Assembly by December 1, 2010.
• A companion bill, S 1363, to H.R. 2571 (mentioned in the June 9, 2009 post) was introduced in the U.S. Senate. The bill proposes to streamline the regulation of non-admitted insurance and reinsurance, and it contains the same principal provisions addressed in H.R. 2571, which were described in our June 9, 2009 post. The bill was referred to the Senate Banking, Housing, and Urban Affairs Committee.
This post written by Karen Benson.
