As reported in our December 8, 2008 posting, the National Association of Inusrance Commissioners ("NAIC") adopted a proposal to modernize reinsurance regulation (the "Proposal") at its 2008 Winter Meeting. Click here for a discussion of the Proposal. Among other things, the Proposal calls for federal legislation to allow for the Reinsurance Supervision Review Department ("RSRD"), once created, to have sufficient authority to perform its functions. On March 24, 2009, the NAIC exposed the draft federal legislation, entitled the "Reinsurance Regulatory Modernization Act of 2009," relating to the RSRD. The NAIC is accepting comments from interested parties until the close of business on Thursday, April 23, 2009. The NAIC's Reinsurance Task Force plans to hold an interim meeting in New York in early May to receive comments and continue discussing this legislation as well as other elements of the implementation process.