There have been many proposals floated for the "modernization" of the regulation of various sectors of the financial services industry. What are the implications of such proposals for the reinsurance industry? In a SPECIAL FOCUS feature, Rollie Goss, blogmaster and chair of a Task Force formed by Jorden Burt to monitor federal regulatory proposals which may affect its clients, discusses generally the major proposals to date which may affect the reinsurance industry. Many of the proposals made to date remain in a fairly conceptual stage, but a few now are progressing to the stage of proposed Congressional bills. The documents discussed in this short paper include:
- a Treasury Department Blueprint for a Modernized Federal Regulatory Structure;
- a draft bill prepared by the NAIC and exposed for comment;
- a draft bill from the Treasury Department titled the Resolution Authority for Systematically Significant Financial Companies Act of 2009; and
- a recently introduced bill, HR 1880 (bill text and bill summary).
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