In celebration of our nation's birthday (no, the blogmaster is not actually making this post on the 4th), here is a review of what our various legislators are doing with respect to reinsurance. With respect to pending legislation:
- The Governor of Nebraska signed LB 117 into law on May 30, 2007, which contains amendments to the Suprlus Lines Insurance Act and a new Captive Insurers Act (sections 35-53). The terms of this new act may vary from a different captive bill introduced that was profiled in a January 29 post to this blog.
- The Governor of South Carolina, on June 14, signed S. 589, which makes amendments to the captive provisions of the South Carolina Code.
- On June 11, the Governor of South Carolina signed H. 3820, the Omnibus Coastal Property insurance Reform Act of 2007, which provides credits to property owners and insurers, establishes various associations and damage mitigation programs and provides for the formation of Coastal Captive Insurance Companies.
- The Governor of Vermont, on May 25, signed S. 91 into law, which makes amendments to the captive provisions of the Vermont Code, adding provisions relating to special purpose financial captive companies.
With respect to pending legislation:
- Delaware HB 214 passed the state House on June 26, providing amendments to Delaware's captive insurance provisions.
- A potentially interesting risk pool concept was introduced in Louisiana House Concurrent Resolution No. 175, which seeks an investigation of the feasibility of establishing a regional cat fund that would allow Gulf Coast states to pool property insurance risks and other resources as a method of reducing insurance premiums.
- LD 1390 was introduced into the Maine legislature, providing for the establishment and regulation of special purpose reinsurance vehicles by insurers domiciled in Maine.
- H 6503 was introduced into the Rhode Island General Assembly, providing for the establishment of a state commission on hurricane loss projection methodology.
- In the US Congress, this term's version of the Nonadmitted and Reinsurance Reform Act (see the March 7, 2007 post to this blog) passed the House on a voice vote on June 26, and was sent to the Senate. The companion Senate bill has made no progress in committee. Last year, this bill passed the House late in the fall and was not considered by the full Senate before the end of the term.