US Congress House Bill 5388 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on July 31 2014 - 25% progression, died in committee
Action: 2014-09-26 - Referred to the Subcommittee on Regulatory Reform, Commercial And Antitrust Law.
Pending: House Subcommittee on Regulatory Reform, Commercial And Antitrust Law Committee
Text: Latest bill text (Introduced) [PDF]

Captive Insurers Clarification Act - Amends the Nonadmitted and Reinsurance Reform Act of 2010 to define "captive insurance company" as an insurance company wholly owned directly or indirectly: (1) by a single parent company, and whose primary purpose is to insure the risks of that single parent company or its affiliates; (2) by a group of companies, and whose primary purpose is to insure the risks of that group or its affiliates; and (3) by an industry, trade, or service group or association, and whose primary purpose is to insure the risks of any member in that group or association, including any member affiliate. Excludes a captive insurance company from the meaning of a "nonadmitted insurer" (that is not licensed to engage in the business of insurance in a state), and from any requirements (including state tax requirements) applying to a nonadmitted insurer.

Captive Insurers Clarification Act

Sen. Peter Welch [D-VT]

Date	Chamber	Action
2014-09-26	House	Referred to the Subcommittee on Regulatory Reform, Commercial And Antitrust Law.
2014-07-31	House	Referred to House Judiciary
2014-07-31	House	Referred to House Financial Services
2014-07-31	House	Referred to the Committee on Financial Services, and in addition to the Committee on the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

SB2726 (Same As) 2014-07-31 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Type	Source
Summary	https://www.congress.gov/bill/113th-congress/house-bill/5388/all-info
Text	https://www.congress.gov/113/bills/hr5388/BILLS-113hr5388ih.pdf