H.R. 6213, The Reinsurance International Solvency Standards Evaluation Board Act of 2008

• This item is from the 110th Congress (2007-2008) and is no longer current. Comments, voting, and wiki editing have been disabled, and the cost/savings estimate has been frozen.

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H.R. 6213 would establish the Reinsurance International Solvency Standards Evaluation Board.

Detailed Summary

Reinsurance International Solvency Standards Evaluation Board Act of 2008 - Establishes the Reinsurance International Solvency Standards Evaluation Board to evaluate reinsurance supervisory systems of the states and jurisdictions outside the United States to determine, on a uniform basis, whether such systems provide adequate capital and risk management standards and an acceptable level of prudential supervision over their domiciled reinsurers.

Requires the Board to: (1) establish evaluation standards and procedures for requesting an evaluation; and (2) develop uniform standards to improve reinsurance regulation, particularly where a domestic or international consensus standard or conflict of law has emerged.

Prohibits the domiciliary state of a ceding insurer, for the purpose of determining credit for reinsurance for the ceding insurer, from treating a certified reinsurer domiciled and in good standing in any other domestic or foreign jurisdiction differently from reinsurers domiciled and in good standing in such domiciliary state.

Status of the Legislation

Latest Major Action: 6/9/2008: Referred to House committee. Status: Referred to the House Committee on Financial Services.

Points in Favor

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Points Against

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