S. 1561 · 114th Congress
Captive Insurers Clarification Act
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Never voted on. It didn't reach a floor vote before the 114th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
LeahySponsor2 cosponsors · 1 D, 1 R
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Amends the Nonadmitted and Reinsurance Reform Act of 2010 to define "captive insurance company" as an insurance company wholly owned directly or indirectly: (1) by a single parent company and whose primary purpose is to insure the risks of that single parent company or its affiliates; (2) by a group of companies and whose primary purpose is to insure the…
What it does: CRS summary · Introduced in Senate · Jun 11, 2015
Captive Insurers Clarification Act
Amends the Nonadmitted and Reinsurance Reform Act of 2010 to define "captive insurance company" as an insurance company wholly owned directly or indirectly: (1) by a single parent company and whose primary purpose is to insure the risks of that single parent company or its affiliates; (2) by a group of companies and whose primary purpose is to insure the risks of that group or its affiliates; and (3) by an industry, trade, or service group or association, and whose primary purpose is to insure the risks of any member in that group or association, including any member affiliate.
Excludes a captive insurance company from the meaning of a "nonadmitted insurer" (that is not licensed to engage in the business of insurance in a state), and from any requirements (including state tax requirements) applying to a nonadmitted insurer.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Captive Insurers Clarification Act
Latest action (Jun 11, 2015): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Policy area: Finance and Financial Sector · Origin: Senate · Introduced: Jun 11, 2015
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.