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HR 2126 112th Congress House Finance and Financial Sector Administrative law and regulatory procedures Business ethics Business records Corporate finance and management Department of the Treasury Federal preemption Government studies and investigations Insurance industry and regulation Life, casualty, property insurance State and local government operations

Risk Retention Modernization Act of 2011

Introduced: June 3, 2011 See on congress.gov
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 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 29, 2011
Referred to the Subcommittee on Insurance, Housing and Community Opportunity.
Jun 3, 2011
Referred to the House Committee on Financial Services.
Jun 3, 2011
Introduced in House
 Plain-English summary Congressional Research Service

Risk Retention Modernization Act of 2011 - Amends the Liability Risk Retention Act of 1986 to require the Director of the Federal Insurance Office to: (1) report periodically to the President and Congress on the extent of state compliance with the Act's prohibition against 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.

Redesignates the Act as the Risk Retention Act.

What's happening now July 29, 2011

Referred to the Subcommittee on Insurance, Housing and Community Opportunity.

 Committees of jurisdiction 2
 Cosponsors 1
All 1 Democratic 1