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Intelligent Insurer gathered experts in the field of US and international insurance regulation, law and supervision to discuss topics including the Neal Bill, the US Solvency Modernization Initiative, collateral requirements, the NAIC’s regulatory proposals and plans for a Federal Insurance Office,


recently enshrined in the Dodd- Frank Wall Street Reform Act.


Where are we with the Neal Bill?


BRAD KADING, president, the Association of Bermuda Insurers and Reinsurers: Where we are with the Neal Bill is that it’s in the mix as a ‘paid-for’ amendment, which is used as funding for other projects that Congress would like to enact this year. It’s not going to advance through a normal legislative process, but it’s sitting as an amendment that could be dropped into a moving piece of legislation. Congress returned yesterday and will be in session for three or four weeks. Congress is looking for revenue for a variety of measures. It’s a bit of a train wreck, it’s not clear whether Congress can get the votes to pass anything on the tax and spending front right now. It is expected that Congress will recess at the end of the first week of October and then there’s the mid-term elections and then there would be a lame-duck session, probably about two weeks of the lame-duck session in early December, when it could be back for discussion.


November 2010 | INTELLIGENT INSURER | 23


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