H.R. 6529 · 111th Congress
Federal License for Reinsurers Act of 2010
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Never voted on. It didn't reach a floor vote before the 111th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
MooreSponsorNo cosponsors.
Federal License for Reinsurers Act of 2010 - Requires the Director of the Federal Insurance Office, in the Department of the Treasury, to fix the number of employees of the Office and their compensation.
What it does: CRS summary · Introduced in House · Dec 16, 2010
Federal License for Reinsurers Act of 2010 - Requires the Director of the Federal Insurance Office, in the Department of the Treasury, to fix the number of employees of the Office and their compensation. Authorizes the Director to provide additional compensation and benefits if the same types are then being provided or, if not, could be provided by any federal banking agency.
Grants the Office general licensure and regulatory oversight over the business of national reinsurance.
Requires the Director to establish criteria necessary for the licensing and operation of a national reinsurer. Makes both U.S. and non-U.S. entities with U.S. branches eligible to obtain a federal license.
Authorizes a national reinsurer to convert to a state-licensed reinsurer, subject to the Director's approval.
Authorizes the Secretary of the Treasury and the United States Trade Representative (USTR), jointly, to enter into supervisory arrangements for the recognition of qualified reinsurance supervisory authorities of non-U.S. jurisdictions that provide a level of protection for U.S. reinsurance consumers that is substantially equivalent to the level of protection achieved under federal regulation.
Amends the Dodd-Frank Wall Street Reform and Consumer Protection Act to reflect the provisions of this Act.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Federal License for Reinsurers Act of 2010
Latest action (Dec 16, 2010): Referred to the House Committee on Financial Services.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Dec 16, 2010
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.