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HR 5388 113th Congress House Finance and Financial Sector Insurance industry and regulation State and local government operations

Captive Insurers Clarification Act

Introduced: July 31, 2014 Introduced by: Welch, Peter Democratic · Vermont 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
Sep 26, 2014
Referred to the Subcommittee on Regulatory Reform, Commercial And Antitrust Law.
Jul 31, 2014
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.
Jul 31, 2014
Introduced in House
 Plain-English summary Congressional Research Service

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.

What's happening now September 26, 2014

Referred to the Subcommittee on Regulatory Reform, Commercial And Antitrust Law.

 Committees of jurisdiction 3