Topic: Regulatory

House Passes Nonadmitted and Reinsurance Reform Act

On June 25 and for the second time in nine months, the House  unanimously passed H.R. 1065, the Nonadmitted and Reinsurance Reform Act of 2007.  The bill establishes national standards on how states may regulate and tax surplus lines insurers and also sets national standards concerning the regulation of reinsurance. 

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SEC Proposes Changes to Foreign Company Accounting Rules

On June 20th, the U.S. Securities and Exchange Commission (the “SEC”) approved a proposal that, if ratified, could allow foreign companies doing business in the United States to choose between filing data using international financial reporting standards (“IFRS”) or the U.S. generally accepted accounting procedures (“GAAP”).  This change would bring the U.S. closer to other major financial centers that currently welcome IFRS. 

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House Democrats Introduce Bill to Extend and Expand the Federal Terrorism Risk Insurance Program

On June 18, Representatives Barney Frank and Michael Capuano, both Democrats from Massachusetts, introduced legislation that would extend and expand the federal Terrorism Risk Insurance Program.  The Terrorism Risk Insurance Revision and Extension Act of 2007 seeks to extend federal reinsurance coverage for terrorism risks for ten more years. 

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NAIC Adopts Military Sales Practices Model Regulation

On June 4, 2007, the National Association of Insurance Commissioners (NAIC) adopted the Military Sales Practices Model Regulation.  The purpose of the Model Regulation is to provide uniform standards through which active duty service members of the United States Armed Forces are protected from dishonest and predatory insurance sales practices. 

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