US Congress House Bill 2126 (Prior Session Legislation)

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Sponsorship: Bipartisan Bill
Status: Introduced on June 3 2011 - 25% progression, died in committee
Action: 2011-07-29 - Referred to the Subcommittee on Insurance, Housing and Community Opportunity.
Pending: House Subcommittee on Insurance, Housing and Community Opportunity Committee
Text: Latest bill text (Introduced) [PDF]

Risk Retention Modernization Act of 2011 - Amends the Liability Risk Retention Act of 1986 to require the Director of the Federal Insurance Office to: (1) report periodically to the President and Congress on the extent of state compliance with the Act's prohibition against state regulation of risk retention and purchasing groups that are not domiciliaries of the state; and (2) issue certain corporate governance standards, meeting specified criteria, for risk retention groups. Extends the coverage of the Act to risk retention groups offering commercial property insurance. Applies to commercial property insurance the exemption of purchasing groups from state law. Revises procedures for: (1) submitting financial documents to state insurance commissioners, and (2) mandatory disclosures. Imposes a fiduciary duty upon the board of directors of a risk retention group to operate in the best interests of the group. Redesignates the Act as the Risk Retention Act.

Risk Retention Modernization Act of 2011

Rep. John Campbell [R-CA]

Sen. Peter Welch [D-VT]

Date	Chamber	Action
2011-07-29	House	Referred to the Subcommittee on Insurance, Housing and Community Opportunity.
2011-06-03	House	Referred to the House Committee on Financial Services.

Type	Source
Summary	https://www.congress.gov/bill/112th-congress/house-bill/2126/all-info
Text	https://www.congress.gov/112/bills/hr2126/BILLS-112hr2126ih.pdf