The National Association of Insurance Commissioners recently published a revised version of its proposed Reinsurance Regulatory Modernization Act of 2009. We reported on the original version, but the July 27, 2009 edition of the bill includes several important changes. Highlights include:
- Completely redrafting of the “Membership” portion of the bill, detailing the composition and purpose of the Reinsurance Supervision Review Board (Section 3);
- Expanded the Board’s Home State and Port of Entry Standards as well as amending the Authority to Enter Agreements with Qualified Non-US Jurisdiction Supervisors (Section 4);
- Inclusion of a section of the bill detailing the requirements for National and Port of Entry Reinsurers (Section 5);
- An expanded section explaining Preemption of Inconsistent State Laws and Actions (Section 6);
- A newly drafted Right of Review provision (Section7); and
- An explanation of the Duties of Board (Section 9).
The NAIC also published a redlined version, showing the changes from the original version.