Increasing Insurance Coverage Options for Consumers Act of 2008

Summary

Increasing Insurance Coverage Options for Consumers Act of 2008 - Amends the Liability Risk Retention Act of 1986 to cover risk retention groups offering commercial property insurance. Applies the exemption of purchasing groups from state law to commercial property insurance. Terminates the inclusion in risk retention groups under the Act of any such group chartered, licensed, or authorized under the laws of Bermuda or the Cayman Islands. Prescribes general corporate governance standards for such groups, together with license or charter criteria regarding state examination authority and minimum requirements for safety and soundness. Prohibits a risk retention group from participating in an insurance insolvency guaranty association that includes participants other than risk retention groups. Revises procedures for: (1) submitting financial documents to state insurance commissioners; and (2) mandatory disclosures. Imposes a fiduciary duty upon the board of directors of a risk retention group to operate in the best interests of the group. Prohibits a state from issuing a cease-and-desist order to any risk retention group or purchasing group that is not chartered or licensed in such state, or otherwise attempt to regulate such group, except as specifically permitted under this Act. Redesignates the Liability Risk Retention Act as the Risk Retention Act.

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Timeline

1. 15 April 2008

   Introduced

   Referred to the House Committee on Financial Services.

   Source: IntroReferral

2. 15 April 2008

   Introduced

   Introduced in House

   Source: IntroReferral

3. 15 April 2008

   Introduced

   Introduced in House

   Source: IntroReferral

4. 9 July 2008

   Committee

   Forwarded by Subcommittee to Full Committee (Amended) by Voice Vote .

   Source: Committee

5. 9 July 2008

   Committee

   Subcommittee Consideration and Mark-up Session Held.

   Source: Committee

6. 9 July 2008

   Referred

   Referred to the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in House · 15 April 2008 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 15 April 2008

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 15 April 2008

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 15 April 2008

  Open at official source

Sponsors

• Rep. Moore, Dennis [D-KS-3] · D · Sponsor
• Rep. Pryce, Deborah [R-OH-15] · R · Sponsor
• Rep. Campbell, John [R-CA-45] · R · Sponsor
• Rep. Klein, Ron [D-FL-22] · D · Sponsor
• · hsba00 · Standing

Related records

No cross-record relationships stored yet.