US HB4802 | 2009-2010 | 111th Congress
Status
Spectrum: Slight Partisan Bill (Democrat 3-1)
Status: Introduced on March 10 2010 - 25% progression, died in committee
Action: 2010-03-10 - Referred to the House Committee on Financial Services.
Pending: House Financial Services Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on March 10 2010 - 25% progression, died in committee
Action: 2010-03-10 - Referred to the House Committee on Financial Services.
Pending: House Financial Services Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Risk Retention Modernization Act of 2010 - Amends the Liability Risk Retention Act of 1986 to direct the Secretary of the Treasury to: (1) report periodically to the President and Congress on the extent of state compliance with the Act's prohibition of 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. Directs the Comptroller General to study and report to Congress on actions to ensure that states do not interfere with or regulate risk retention or purchasing groups in an extraterritorial manner precluded by the Act. Redesignates the Act as the Risk Retention Act.
Title
Risk Retention Modernization Act of 2010
Sponsors
Rep. John Campbell [R-CA] | Rep. Suzanne Kosmas [D-FL] | Rep. Dennis Moore [D-KS] | Sen. Peter Welch [D-VT] |
History
Date | Chamber | Action |
---|---|---|
2010-03-10 | Referred to the House Committee on Financial Services. |
Subjects
Administrative law and regulatory procedures
Business ethics
Business records
Corporate finance and management
Department of the Treasury
Federal preemption
Finance and financial sector
Government investigations
Insurance industry and regulation
Life, casualty, property insurance
State and local government operations
Business ethics
Business records
Corporate finance and management
Department of the Treasury
Federal preemption
Finance and financial sector
Government investigations
Insurance industry and regulation
Life, casualty, property insurance
State and local government operations
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/111th-congress/house-bill/4802/all-info |
Text | https://www.congress.gov/111/bills/hr4802/BILLS-111hr4802ih.pdf |