The following reinsurance-related legislation was recently proposed in federal and state legislative bodies:
- On January 6, 2009, Senator John Kerry introduced S. 79, a bill to amend the Social Security Act to establish a federal reinsurance program for catastrophic health care costs proposing, among other things, to establish within the Department of Health and Human Services an office to be known as the “Office of Federal Reinsurance.” The bill was referred to the Committee on Finance.
- That same day, Representative Ginny Brown-Waite of Florida introduced H.R. 83, to establish a program to provide reinsurance “for state natural catastrophe insurance programs to help the United States better prepare for and protect its citizens against the ravages of natural catastrophes, to encourage and promote mitigation and prevention for, and recovery and rebuilding from such catastrophes, and to better assist in the financial recover from such catastrophes.” The bill was referred to the Committee on Financial Services.
- A bill has been introduced into the North Dakota Senate to amend and reenact portions of N.D. Code § 26.1-06.1-31, which deals with reductions in amounts recoverable by liquidators from reinsurers.
- The Montana State Auditor requested House Bill No. 161, which was introduced to the Montana legislature to revise captive insurance laws, authorize the Insurance Commissioner to waive RBC reports for captive risk retention groups, clarify collection of the premium tax, change the calculation of the tax on direct premiums, and expand the scope of laws applicable to captive insurance companies.