What the Dodd-Frank Bill Means to Surplus Lines U.S. Surplus Lines &#x2013; Legislation Contributing to Title V (Insurance) of Dodd-Frank Act of 2010
NRRA (H.R. 2571/S. 1363 Simplifi es tax payment.
Grants regulatory authority over most aspects of surplus lines insurance transactions to an insurer&#x2019;s home state, including transactions with multiple state exposures. Preserves the role of the state insurance regulator.
Insurance Information Act of 2009 (H.R. 2609)
Establishes the Offi ce of Insurance Information (OII) within the U.S. Department of the Treasury to:
Collect, analyze and disseminate information regarding all lines of insurance.
Establish federal policy on international insurance matters and ensure that insurance laws are consistent with agreements.
Title V (Insurance) of Dodd-Frank Act 2010
Streamlines regulation of surplus lines insurance and reinsurance through state-based reforms. Creates the Federal Insurance Offi ce (FIO), within the U.S. Department of the Treasury to monitor the insurance industry for systemic risk purposes and requires a study on ways to modernize insurance regulation and provide Congress with recommendations.
The FIO is to serve as a uniform, national voice on insurance matters for the United States on the international stage.
Copyright &#xA9; 2010 by A.M. Best Company, Inc. All rights reserved. No part of this report may be reproduced, stored in a retrieval system or transmitted in any form or by any means; electronic, mechanical, photocopying, recording or otherwise.
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