Nonadmitted and Reinsurance Reform Act of 2006

Summary

Nonadmitted and Reinsurance Reform Act of 2006 - Prohibits any state other than the home state of an insured from requiring any premium tax payment for nonadmitted insurance. Prescribes requirements for reporting, payment, and allocation of premium taxes. Subjects nonadmitted insurance solely to the regulatory requirements of the insured's home state. Prohibits a state, beginning two years after enactment of this Act, from collecting any fees relating to licensing of a nonresident insurance broker in the state unless the state has laws or regulations in effect that provide for its participation in the national insurance producer database of the National Association of Insurance Commissioners (NAIC). Prohibits a state from establishing eligibility criteria for nonadmitted insurers domiciled in a U.S. jurisdiction except in conformance with the Non-Admitted Insurance Model Act. Prohibits a surplus lines broker from placing nonadmitted insurance with, or procuring nonadmitted insurance from, a nonadmitted insurer domiciled outside the United States that is listed on the Quarterly Listing of Alien Insurers maintained by the NAIC International Insurance Division. Prescribes conditions under which a surplus lines broker seeking to procure or place nonadmitted insurance in a state for an exempt commercial purchaser shall not be required to satisfy any state requirement to make a due diligence search to determine whether the full amount or type of insurance sought by such exempt commercial purchaser can be obtained from admitted insurers. Specifies the preemption of state laws regarding a ceding insurer, except those of the ceding insurer's state of domicile. Declares the state of domicile of a reinsurer solely responsible for regulating the reinsurer's financial solvency if such state is NAIC-accredited.

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Documents

11 official files

• Referred in Senate (text)

  Referred in Senate · EN · 13 November 2006

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• Referred in Senate (PDF)

  Referred in Senate · EN · 13 November 2006

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• Engrossed in House (text)

  Engrossed in House · EN · 27 September 2006

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• Engrossed in House (PDF)

  Engrossed in House · EN · 27 September 2006

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• Passed House amended

  summary · EN · 27 September 2006

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• Reported in House (text)

  Reported in House · EN · 22 September 2006

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• Reported in House (PDF)

  Reported in House · EN · 22 September 2006

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• Reported to House amended, Part I

  summary · EN · 12 September 2006

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• Introduced in House (text)

  Introduced in House · EN · 19 June 2006

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• Introduced in House (PDF)

  Introduced in House · EN · 19 June 2006

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• Introduced in House

  summary · EN · 19 June 2006

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