NAIC Drafts Bill To Modernize Reinsurance Regulation

Law360, New York (September 23, 2009, 6:01 PM EDT) -- The National Association of Insurance Commissioners has finalized a draft piece of legislation to be submitted to Congress that the group claims will modernize regulation of the reinsurance industry if passed.

The NAIC's Government Relations Leadership Council said in a statement Wednesday that it had approved the Reinsurance Regulatory Modernization Act of 2009 for submission to Congress.

The legislation would create two new classes of reinsurers in the country: U.S.-based national reinsurers and foreign-based port of entry reinsurers, according to the group.

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