US Congress Senate Bill 2726 (Prior Session Legislation)

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Spectrum: Bipartisan Bill
Status: Introduced on July 31 2014 - 25% progression, died in committee
Action: 2014-07-31 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Pending: Senate Banking, Housing, And Urban Affairs Committee
Text: Latest bill text (Introduced) [PDF]

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.

Captive Insurers Clarification Act

Sen. Patrick Leahy [D-VT]

Sen. Lindsey Graham [R-SC]

Date	Chamber	Action
2014-07-31	Senate	Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
2014-07-31	Senate	Sponsor introductory remarks on measure. (CR S5222)

HB5388 (Same As) 2014-09-26 - Referred to the Subcommittee on Regulatory Reform, Commercial And Antitrust Law.

Type	Source
Summary	https://www.congress.gov/bill/113th-congress/senate-bill/2726/all-info
Text	https://www.congress.gov/113/bills/s2726/BILLS-113s2726is.pdf