As discussed in our earlier article on the topic (a copy of which can be accessed here) and our prior entry on this site (which can be accessed here), uncertainty remains over whether the self-procurement tax and regulatory provisions of the Non-admitted and Reinsurance Reform Act, enacted as a part…
Read More Legislation Reintroduced to Clarify Application of NRRA to Captives
On Wednesday, the Financial Stability Oversight Council (FSOC) announced that it had changed its non-bank review process. The Council will now inform companies earlier on in the process if they are under review and provide firms with additional opportunities to work with FSOC. In addition, more information about the designation…
Read More FSOC Amends Non-Bank Review Process
Earlier this week, the U.S. Department of Treasury Federal Insurance Office released Interim Guidance on implementation of the Terrorism Risk Insurance Program Reauthorization Act of 2015, which was signed into law last month after the prior program had expired on January 1. Some of the key features of the Interim Guidance include:…
Read More Treasury Issues Interim Guidance on Implementation of TRIA
Anthony B. Sherman, partner in our Chicago office, discusses how Congress has put in place a mechanism to streamline nonresident licensing for insurance producers.
Congress has put in place a mechanism to streamline nonresident licensing for insurance producers. The National Association of Registered Agents and Brokers Reform Act of 2015…
Read More “NARAB II” Will Ease Insurance Producer Nonresident Licensing Burden
On Monday, President Obama signed into law the TRIA reauthorization bill that passed overwhelmingly in both the House and the Senate last week. TRIA, which lapsed on December 31, 2014, is now officially renewed for six more years through 2020. The renewed legislation triggers government assistance at $200 million (increased…
Read More President Obama Signs TRIA Renewal into Law
The Senate overwhelmingly voted to pass the TRIA reauthorization, which passed on Wednesday in the House, by a vote of 93-4. The legislation, H. R. 26, extends TRIA for six years through 2020 and makes slight changes to the program which expired on December 31. The new legislation raises the…
Read More Senate Passes TRIA Reauthorization and Sends Bill to President Obama
The new Congress, which convened last Tuesday, took its first step toward the reauthorization of TRIA today when the House passed legislation to extend TRIA by a vote of 416-5, with one lawmaker voting present. H. R. 26, introduced by Representative Randy Neugebauer, is the same bill that was passed…
Read More New Congress Takes Strides Towards TRIA Reauthorization with House Vote
President Obama has signed into law The Insurance Capital Standards Clarification Act, S. 2270, which loosens the Dodd-Frank capital restrictions on insurers. The legislation makes changes to Section 171 of the Dodd-Frank Act, known as the Collins Amendment, by adding language clarifying that the Federal Reserve is not required to…
Read More President Obama Signs Bill Loosening Dodd-Frank Capital Restrictions on Insurers Into Law
As of December 31, 2014, the Terrorism Risk Insurance Program Reauthorization Act of 2007 (“TRIA”) will expire.
Read More New York Requires Insurer Information in Wake of TRIA Expiration
The U.S. Senate adjourned for the year on Tuesday without passing an extension of TRIA. Strong opposition from retiring Senator Tom Coburn (R-OK) blocked a vote on the measure that was overwhelmingly supported by lawmakers in the House as well as the business community.
Read More Senate Adjourns Without Passing TRIA Extension
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