The "Increasing Insurance Coverage Options for Consumers Act of 2008," sponsored by Rep. Dennis Moore (D-KS), has been forwarded to the House Financial Services Committee. The bill would amend the Risk Retention Act of 1986 to permit risk retention groups, subject to regulation by their domiciliary state but otherwise exempt from state law, to offer commercial property insurance. The bill would also set minimum solvency and governance standards for risk retention groups and risk purchasing groups that would be applied by their domiciliary states. One of the major purposes behind the bill is to increase market capacity in areas hit by natural disasters. Additionally, participation by risk retention groups and risk purchasing groups in commercial property coverage would increase competition and aid consumers. The Capital Markets Subcommittee approved the bill during its July 9, 2008 markup.