Summary: Terrorism Risk Insurance Program Reauthorization Act of 2007 - (Sec. 2) Amends the Terrorism Risk Insurance Act to revise the definition of an act of terrorism for terrorism risk insurance purposes to eliminate the requirement that the individual or individuals committing a terrorist act be acting on behalf of any foreign person or foreign interest.Extends the Terrorism Risk Insurance Program through calendar 2014.(Sec. 4) States that no insurer may be required to make payment for insured losses in excess of its statutory deductible, combined with its statutory share of insured losses.Requires the Secretary of the Treasury to: (1) notify Congress within 15 days of an act of terrorism on whether the Secretary estimates that aggregate insured losses will exceed $100 billion; (2) promulgate final regulations for determining the pro rata share of insured losses which exceed $100 billion; and (3) report to Congress on the process used to determine the allocation of pro rata payments when insured losses exceed $100 billion.Requires insurers to disclose to policyholders the $100 billion cap on liability.(Sec. 5) Directs the Comptroller General to study and report to certain congressional committees regarding: (1) the availability and affordability of insurance coverage for losses caused by terrorist attacks involving nuclear, biological, chemical, or radiological materials; (2) the outlook for such coverage in the future; (3) the capacity of private insurers and state workers compensation funds to manage risk associated with such events; and (4) whether there are specific markets in the United States with unique capacity constraints on the amount of terrorism risk insurance available.

sec amends terrorism_risk_insurance_act revise definition act terrorism terrorism risk insurance purposes eliminate requirement individual individuals committing terrorist act acting behalf foreign person foreign interest extends calendar states insurer required payment insured losses excess statutory deductible combined statutory share insured losses requires secretary treasury notify congress days act terrorism secretary estimates aggregate insured losses exceed billion promulgate final regulations determining pro rata share insured losses exceed billion report congress process determine allocation pro rata payments insured losses exceed billion requires insurers disclose policyholders billion cap directs comptroller general study report certain congressional committees availability affordability insurance coverage losses caused terrorist attacks involving nuclear biological chemical radiological materials outlook coverage future capacity private insurers state workers compensation funds manage risk associated events specific markets united_states unique capacity constraints terrorism risk insurance available


Summary: Terrorism Risk Insurance Improvement Act of 2008 - Amends the Terrorism Risk Insurance Act of 2002 to revise the definition of "insurer deductible" with respect to a situation where aggregate industry insured losses resulting from a certified act of terrorism exceed $1 billion for an insurer that sustains any of such losses.Sets forth a calculation for the value of such an insurer's direct earned premiums over the calendar year immediately preceding the program year.

amends terrorism_risk_insurance act revise definition insurer deductible respect situation aggregate industry insured losses resulting certified act terrorism exceed billion insurer losses sets forth calculation value insurer direct earned premiums calendar year immediately preceding program year


Summary: Homeowners' Insurance Noncoverage Disclosure Act - Requires state-registered insurance companies to include on the front or first page of each individual homeowner's policy a noncoverage disclosure box that restates in plain English all conditions, exclusions, and other limitations pertaining to coverage under that policy. Treats any failure to comply as a violation of unfair or deceptive acts or practices provisions of the Federal Trade Commission Act.

disclosure act requires state registered insurance companies include page individual homeowner policy disclosure box restates plain english conditions exclusions limitations pertaining coverage policy treats failure comply violation unfair deceptive acts practices provisions federal_trade_commission_act


Summary: TRICARE Continuity of Coverage for National Guard and Reserve Families Act of 2009 - Makes a member of the Retired Reserve who is qualified for a non-regular (reserve) retirement at age 60, but is not yet 60, eligible for health benefits under TRICARE Standard (a Department of Defense (DOD) managed health care program for members of the reserves). Terminates such eligibility when the member becomes eligible for TRICARE Standard at age 60. Includes immediate family members under such coverage. Requires members to pay a premium for such coverage.

tricare continuity coverage national_guard_and_reserve families act makes member qualified non regular reserve retirement age eligible health benefits tricare_standard department_of_defense dod managed health care program members reserves terminates eligibility member eligible tricare standard age includes immediate family members coverage requires members pay premium coverage


Summary: Insurance Industry Competition Act of 2009 - Amends the McCarran-Ferguson Act to make the Federal Trade Commission Act, as it relates to areas other than unfair methods of competition, applicable to the business of insurance to the extent that such business is not regulated by state law. Authorizes the Department of Justice (DOJ) and the Federal Trade Commission (FTC) to issue joint statements of their antitrust enforcement policies regarding joint activities in the business of insurance.

insurance industry competition act amends mccarran ferguson act federal_trade_commission_act relates areas unfair methods competition applicable business insurance extent business regulated state law authorizes department_of_justice doj federal_trade_commission ftc issue joint statements antitrust enforcement policies joint activities business insurance


Summary: National Insurance Consumer Protection Act - Establishes in the Department of the Treasury the Office of National Insurance (Office), headed by a Commissioner, with regulatory oversight over national insurers and national insurance agencies. Directs the Commissioner to license, regulate, and supervise national insurance producers. Requires the Commissioner to establish: (1) a Division of Consumer Affairs; (2) a Division of Insurance Fraud; and (3) an Office of the Ombudsman. Authorizes the Commissioner to provide for the registration of insurance self-regulatory organizations and to supervise and regulate them. Requires the Commissioner to: (1) issue regulations on prudential supervision; (2) require national insurers and national insurance agencies to comply with federal anti-money laundering requirements; (3) promulgate regulations for prompt corrective action for any hazardous financial condition of a national insurer; (4) issue charters for national insurers and national agencies; (5) promulgate financial, policy, and market conduct standards; and (6) establish standards for a national insurance holding company. Authorizes the Commissioner to: (1) examine national insurers or national insurance agencies; (2) impose fees upon national insurers, national insurance agencies, and national insurance producers; (3) revoke the charter of a national insurer or national insurance agency for specified cause, (4) implement enforcement powers, including cooperation with foreign governments; (5) secure bilateral and multilateral agreements with foreign insurance regulators and regional and global regulatory organizations; and (6) license individual persons as a national insurance producer. Establishes criminal penalties for insurance fraud by national insurers, national insurance agencies, national insurance producers, and other persons. Directs the President to designate a systemic risk regulator for a national insurer and any insurance company subject to state supervision. Establishes: (1) the Coordinating National Council for Financial Regulators; and (2) the National Insurance Guaranty Corporation. Prescribes procedures for conservatorship, receivership, benefits and claims payments, and assessments on national insurers.Exempts insurers, national insurance agencies, and national insurance producers from state supervision relating to the sale, solicitation, negotiation, or underwriting of insurance, or to any other insurance operations.

headed commissioner regulatory oversight national insurers national insurance agencies directs commissioner license regulate supervise national insurance producers requires commissioner establish office_of_the_ombudsman authorizes commissioner provide registration insurance self regulatory organizations supervise regulate requires commissioner issue regulations prudential supervision require national insurers national insurance agencies comply federal anti money laundering requirements promulgate regulations prompt corrective action hazardous financial condition national insurer issue charters national insurers national agencies promulgate financial policy market conduct standards establish standards national insurance holding company authorizes commissioner examine national insurers national insurance agencies impose fees national insurers national insurance agencies national insurance producers revoke charter national insurer national insurance agency specified cause implement enforcement powers including cooperation foreign governments secure bilateral multilateral agreements foreign insurance regulators regional global regulatory organizations license individual persons national insurance producer establishes criminal penalties insurance fraud national insurers national insurance agencies national insurance producers persons directs president designate systemic risk regulator national insurer insurance company subject state supervision establishes prescribes procedures conservatorship receivership benefits claims payments assessments national insurers exempts insurers national insurance agencies national insurance producers state supervision relating sale solicitation negotiation underwriting insurance insurance operations


Summary: Homeowners' Defense Act of 2010 - Title I: National Catastrophe Risk Consortium - (Sec. 101) Establishes the National Catastrophe Risk Consortium as a nonprofit, nonfederal entity to: (1) maintain an inventory of catastrophe risk obligations held by state reinsurance funds, state residual insurance market entities, and state-sponsored providers of natural catastrophe insurance; (2) issue, on a conduit basis, securities and other financial instruments linked to catastrophe risks insured or reinsured through Consortium members; (3) coordinate reinsurance contracts; (4) act as a centralized repository of state risk information accessible by certain private-market participants; and (5) establish a database to perform research and analysis that encourages standardization of the risk-linked securities market. (Sec. 104) Prohibits the Consortium from: (1) engaging in federal election and lobbying activities; (2) making any contribution to a candidate for election for any state or local office or to any group that receives contributions or makes expenditures for the purpose of influencing any election; (3) employing or retaining any person who engages in influencing any such election or the legislating of any state or local legislative body; or (4) providing any thing of value, other than educational materials or information, to any elected official of a governmental entity. (Sec. 107) Shields the federal government and the Consortium from liability for Consortium actions. Declares that participating states retain all catastrophe risk until the Consortium: (1) issues securities and other financial instruments linked to the catastrophe risks insured or reinsured through members of the Consortium in the capital markets; and (2) coordinates reinsurance contracts between participating, qualified reinsurance funds and private parties. (Sec. 108) Authorizes appropriations for FY2010-FY2014. Title II: Catastrophe Obligation Guarantees - (Sec. 202) Authorizes the Secretary of the Treasury to guarantee holders of debt against loss of principal or interest, or both, on debt issued by eligible state programs that: (1) promote the availability of private capital to provide liquidity and capacity to state catastrophe insurance programs; (2) expedite claims payments; and (3) assist financial recovery from significant natural catastrophes. Provides separate limits on the total principal amount of such obligations for programs that cover earthquake peril and those that cover all other perils. Subjects the catastrophic debt guarantee to specified requirements. (Sec. 204) Pledges the full faith and credit of the United States to the payment of all guarantees with respect to principal and interest. (Sec. 205) Directs the Secretary to charge and collect fees for such guarantees. Title III: Reinsurance Coverage for Eligible State Programs - (Sec. 301) Directs the Secretary to make contracts for reinsurance coverage available for purchases only by eligible state programs. (Sec. 302) Sets pricing guidelines and limits aggregate potential federal liability. (Sec. 305) Establishes a Federal Natural Catastrophe Reinsurance Fund to be funded by: (1) sales of reinsurance coverage contracts; (2) amounts appropriated for liability for claims payment; and (3) earnings on investments. Title IV: Mitigation Grant Program - (Sec. 401) Directs the Secretary of Housing and Urban Development (HUD) to establish and implement a program of grants to eligible entities to develop, enhance, or maintain programs to prevent and mitigate losses from natural catastrophes. Includes among such eligible entities a nationally recognized, congressionally chartered disaster response non-profit organization. Requires the Secretary of HUD to use for such grants at least 35% of the net investment income from the Federal Natural Catastrophe Reinsurance Fund earned in each fiscal year. Title V: General Provisions - (Sec. 501) Prescribes grant criteria for eligible state programs. Prohibits this Act from being construed to limit or prevent any eligible state program from obtaining reinsurance coverage for insured losses retained by insurers. (Sec. 502) Directs the Secretary to study the need for and impact of expanding the programs established by this Act to apply to insured losses of eligible state programs for losses arising from commercial insurance policies that provide coverage for properties composed predominantly of residential rental units. (Sec. 503) Directs the Comptroller General to study and report to Congress on: (1) risk-based rate pricing, to determine the use of actuarially sound pricing for state insurance, reinsurance, or residual market programs (including what measures states are taking to implement actuarially sound rates); and (2) rates for state insurance, reinsurance, or residual market programs that fail to cover the expected value of all future costs, including the cost of capital, associated with insurance policies or reinsurance contracts written by such programs, or that fail to have sufficient assets above their indebtedness to meet their obligations.

homeowners defense act title national catastrophe risk consortium sec establishes nonprofit nonfederal entity maintain inventory catastrophe risk obligations held state reinsurance funds state residual insurance market entities state sponsored providers natural catastrophe insurance issue conduit basis securities financial instruments linked catastrophe risks insured consortium members coordinate reinsurance contracts act centralized repository state risk information accessible certain private market participants establish database perform research analysis encourages standardization risk linked securities market sec prohibits consortium engaging federal election lobbying activities making contribution candidate election state local office group receives contributions makes expenditures purpose influencing election employing retaining person engages influencing election state local legislative body providing thing value educational materials information elected official governmental entity sec shields federal government consortium liability consortium actions declares participating states retain catastrophe risk consortium issues securities financial instruments linked catastrophe risks insured members consortium capital markets coordinates reinsurance contracts participating qualified reinsurance funds private parties sec authorizes appropriations fy2010 fy2014 title catastrophe obligation guarantees sec authorizes secretary treasury guarantee holders debt loss principal interest debt issued eligible state programs promote availability private capital provide liquidity capacity state catastrophe insurance programs expedite claims payments assist financial recovery significant natural provides separate limits total principal obligations programs cover earthquake cover subjects catastrophic debt guarantee specified requirements sec pledges faith credit united_states payment guarantees respect principal interest sec directs secretary charge collect fees guarantees title iii reinsurance coverage eligible state programs sec directs secretary contracts reinsurance coverage available purchases eligible state programs sec sets pricing guidelines limits aggregate potential federal liability sec establishes funded sales reinsurance coverage contracts amounts appropriated liability claims payment earnings investments title mitigation grant program sec directs secretary housing_and_urban_development hud establish implement program grants eligible entities develop enhance maintain programs prevent mitigate losses natural includes eligible entities nationally recognized congressionally chartered disaster response non profit organization requires secretary hud use grants net investment income earned fiscal year title general provisions sec prescribes grant criteria eligible state programs prohibits act construed limit prevent eligible state program obtaining reinsurance coverage insured losses retained insurers sec directs secretary study need impact expanding programs established act apply insured losses eligible state programs losses arising commercial insurance policies provide coverage properties composed predominantly residential rental units sec directs comptroller general study report congress risk based rate pricing determine use actuarially sound pricing state insurance reinsurance residual market programs including measures states taking implement actuarially sound rates rates state insurance reinsurance residual market programs fail cover expected value future costs including cost capital associated insurance policies reinsurance contracts written programs fail sufficient assets indebtedness meet obligations


Summary: Amends the Internal Revenue Code to expand the eligibility of certain small insurance companies (other than life insurance companies) for the alternative corporate income tax by increasing the premium limitation used to determine such eligibility to $2.025 million (from $1.2 million), with an annual inflation adjustment after 2010.

amends internal revenue code expand eligibility certain small insurance companies life insurance companies alternative corporate income tax increasing premium limitation determine eligibility million million annual inflation adjustment


Summary: Amends the Internal Revenue Code to allow affiliated life and non-life insurance companies to file consolidated tax returns. Allows: (1) the full application of losses of affiliated non-life insurance companies against the taxable income of an affiliated life insurance company to be phased in over five years; and (2) an automatic waiver of the the five-year waiting period applicable to affiliated non-life insurance companies for offset of their losses against life insurance company income.

amends internal revenue code allow affiliated life non life insurance companies file consolidated tax returns allows application losses affiliated non life insurance companies taxable income affiliated life insurance company phased years automatic waiver year waiting period applicable affiliated non life insurance companies offset losses life insurance company income


Summary: Amends the Internal Revenue Code to deny a tax deduction for excess reinsurance premiums with respect to U.S. risks paid to affiliated insurance companies that are not subject to U.S. taxation.

amends internal revenue code deny tax deduction excess reinsurance premiums respect risks paid affiliated insurance companies subject taxation


Summary: Drywall Victims Insurance Protection Act of 2009 - Declares it is unlawful for an insurer to cancel, or decline to renew, any coverage for homeowners' insurance for any single-family housing based on the presence, or possibility of presence, of any drywall that: (1) was imported from, or originated in, China at any time during calendar years 2004 through 2007; or (2) contains elevated levels of sulphur or strontium. Prohibits an insurer from issuing discriminatory terms in any renewal of homeowners' coverage based on the presence, or possibility of presence, in the structure of such drywall. Permits an insured adversely affected by a violation of this Act by an insurer to bring a civil action for relief against such insurer in federal or state court. Directs the court to allow a prevailing plaintiff reasonable attorneys' fee as part of the costs, including any expert fees.

declares unlawful insurer cancel decline renew coverage homeowners insurance single family housing based presence possibility presence drywall imported originated china time calendar years contains elevated levels strontium prohibits insurer issuing discriminatory terms renewal homeowners coverage based presence possibility presence structure drywall permits insured adversely affected violation act insurer bring civil action relief insurer federal state court directs court allow prevailing plaintiff reasonable attorneys fee costs including expert fees


Summary: Risk Retention Modernization Act of 2010 - Amends the Liability Risk Retention Act of 1986 to direct the Secretary of the Treasury to: (1) report periodically to the President and Congress on the extent of state compliance with the Act's prohibition of 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. Directs the Comptroller General to study and report to Congress on actions to ensure that states do not interfere with or regulate risk retention or purchasing groups in an extraterritorial manner precluded by the Act. Redesignates the Act as the Risk Retention Act.

risk retention modernization act amends liability risk retention act direct secretary treasury report periodically president congress extent state compliance act prohibition state regulation risk retention purchasing groups state issue certain corporate governance standards meeting specified criteria risk retention groups extends coverage act risk retention groups offering commercial property insurance applies commercial property insurance exemption purchasing groups state law revises procedures submitting financial documents state insurance commissioners mandatory disclosures imposes fiduciary duty board directors risk retention group operate best interests group directs comptroller_general study report congress actions ensure states interfere regulate risk retention purchasing groups extraterritorial manner precluded act redesignates act risk retention act


Summary: Prevention of Frivolous Ethanol Lawsuits Act of 2010 - Immunizes a covered entity from suit and liability under federal and state law with respect to all claims for personal or property loss resulting from, or being aggravated by, the use of any renewable fuel containing ethanol in concentrations greater than 10% to operate an internal combustion engine. Defines "covered entity" to mean an entity engaged in the manufacture, sale, or distribution of fuel or products which use renewable fuel. Makes the sole exception to immunity under this Act an exclusive federal cause of action brought by an injured person or the person's representative against a covered person for death or serious physical injury proximately caused by the covered person's willful misconduct. Grants the U.S. District Court for the District of Columbia exclusive jurisdiction of any such civil action. Excludes from the meaning of willful misconduct, however, any act or omission by a manufacturer or distributor with respect to a covered countermeasure, if the act or omission alleged to constitute willful misconduct is subject to regulation by the Clean Air Act and: (1) neither the Administrator of the Environmental Protection Agency (EPA) nor the Attorney General has initiated an enforcement action with respect to that act or omission; or (2) an enforcement action has been initiated and the action has been terminated or finally resolved without a civil, criminal, or administrative remedy. States that any action or proceeding shall be stayed during the pendency of such an enforcement action.

prevention frivolous ethanol lawsuits act covered entity suit liability federal state law respect claims personal property loss resulting aggravated use renewable fuel containing ethanol concentrations greater operate internal combustion engine defines covered entity mean entity engaged manufacture sale distribution fuel products use renewable fuel makes sole exception immunity act exclusive federal cause action brought injured person person representative covered person death physical injury proximately caused covered person willful misconduct grants district_of_columbia exclusive jurisdiction civil action excludes meaning willful misconduct act omission manufacturer distributor respect covered countermeasure act omission alleged constitute willful misconduct subject regulation clean air act administrator environmental_protection_agency epa attorney general initiated enforcement action respect act omission enforcement action initiated action terminated finally resolved civil criminal administrative remedy states action proceeding shall pendency enforcement action


Summary: Amends the Internal Revenue Code to make permanent the tax deduction for mortgage insurance premiums.

amends internal revenue code permanent tax deduction mortgage insurance premiums


Summary: Federal License for Reinsurers Act of 2010 - Requires the Director of the Federal Insurance Office, in the Department of the Treasury, to fix the number of employees of the Office and their compensation. Authorizes the Director to provide additional compensation and benefits if the same types are then being provided or, if not, could be provided by any federal banking agency. Grants the Office general licensure and regulatory oversight over the business of national reinsurance. Requires the Director to establish criteria necessary for the licensing and operation of a national reinsurer. Makes both U.S. and non-U.S. entities with U.S. branches eligible to obtain a federal license. Authorizes a national reinsurer to convert to a state-licensed reinsurer, subject to the Director's approval. Authorizes the Secretary of the Treasury and the United States Trade Representative (USTR), jointly, to enter into supervisory arrangements for the recognition of qualified reinsurance supervisory authorities of non-U.S. jurisdictions that provide a level of protection for U.S. reinsurance consumers that is substantially equivalent to the level of protection achieved under federal regulation. Amends the Dodd-Frank Wall Street Reform and Consumer Protection Act to reflect the provisions of this Act.

requires director federal_insurance_office department_of_the_treasury fix number employees office compensation authorizes director provide additional compensation benefits types provided provided federal banking agency general licensure regulatory oversight business national reinsurance requires director establish criteria necessary licensing operation national reinsurer makes entities branches eligible obtain federal license authorizes national reinsurer convert state licensed reinsurer subject director approval authorizes secretary treasury united_states_trade_representative ustr jointly enter supervisory arrangements recognition qualified reinsurance supervisory authorities jurisdictions provide level protection reinsurance consumers substantially equivalent level protection achieved federal regulation amends dodd frank wall street reform consumer protection act reflect provisions act


Summary: Passenger Vehicle Loss Disclosure Act of 2009 - Directs the Secretary of Transportation to require all insurers and self-insurers of passenger motor vehicles to disclose to the public, in a commercially reasonable, electronically accessible manner, for each passenger motor vehicle declared or determined to be a total loss: (1) the vehicle identification number and odometer reading; (2) the date of and primary reason for the total loss determination; and (3) whether the airbags deployed.

passenger vehicle loss disclosure act directs secretary transportation require insurers self insurers passenger motor vehicles disclose public commercially reasonable electronically accessible manner passenger motor vehicle declared determined total loss vehicle identification number reading date primary reason total loss determination deployed


Summary: Retirement Security for Life Act of 2009 - Amends the Internal Revenue Code to allow an exclusion from gross income for 50 percent of the amount otherwise includible in gross income as guaranteed payments from certain annuity or life insurance contracts. Limits the amount of such exclusion to $20,000 in any taxable year. Provides for an inflation adjustment of the $20,000 limitation beginning in 2011.

retirement security life act amends internal revenue code allow exclusion gross income percent includible gross income guaranteed payments certain annuity life insurance contracts limits exclusion taxable year provides inflation adjustment limitation beginning


Summary: Nonadmitted and Reinsurance Reform Act of 2009 - Prohibits any state other than the home state of an insured from requiring a premium tax payment for nonadmitted insurance.Authorizes states to establish procedures to allocate among themselves the premium taxes paid to an insured's home state.Allows an insured's home state to require surplus lines brokers and certain insureds to file annually tax allocation reports detailing the portion of the nonadmitted insurance premiums attributable to properties, risks, or exposures located in each state. Declares that Congress intends that each state adopt a nationwide uniform requirements, forms, and procedures, such as an interstate compact, that provides for the reporting, payment, collection, and allocation of premium taxes for nonadmitted insurance. Subjects nonadmitted insurance solely to the regulatory requirements of the insured's home state.Declares that only an insured's home state may require a surplus lines broker to be licensed to conduct nonadmitted insurance business with respect to such insured.Prohibits a state from collecting fees relating to licensure of a surplus lines broker in the state unless it has a regulatory mechanism in effect for participation in the national insurance producer database of the National Association of Insurance Commissioners (NAIC), or any other equivalent uniform national database. Prohibits a state from establishing eligibility criteria for nonadmitted insurers domiciled in a U.S. jurisdiction except in conformance with the Non-Admitted Insurance Model Act, unless the state has adopted nationwide uniform requirements, forms, and procedures developed in accordance with this Act that include alternative nationwide uniform eligibility requirements. Prohibits a state from prohibiting a surplus lines broker from placing nonadmitted insurance with, or procuring nonadmitted insurance from, a nonadmitted insurer domiciled outside the United States and listed on the NAIC International Insurers Department Quarterly Listing of Alien Insurers. Prohibits a state from denying credit for reinsurance if the state of domicile of an insurer purchasing reinsurance (ceding insurer) recognizes credit for reinsurance for the insurer's ceded risk, and: (1) is either an NAIC-accredited state; or (2) has financial solvency requirements substantially similar to NAIC accreditation requirements.Reserves to reinsurer's state of domicile the sole responsibility for regulating the reinsurer's financial solvency if such state is either NAIC-accredited, or has financial solvency requirements substantially similar to NAIC.Prohibits a state from requiring a reinsurer to provide financial information other than that required to be filed with its NAIC-compliant domiciliary state.

nonadmitted reinsurance reform act prohibits state home state insured requiring premium tax payment nonadmitted insurance authorizes states establish procedures allocate premium taxes paid insured home state allows insured home state require surplus lines brokers certain insureds file annually tax allocation reports detailing portion nonadmitted insurance premiums attributable properties risks exposures located state declares congress intends state adopt nationwide uniform requirements forms procedures interstate compact provides reporting payment collection allocation premium taxes nonadmitted insurance subjects nonadmitted insurance solely regulatory requirements insured home state declares insured home state require surplus lines broker licensed conduct nonadmitted insurance business respect insured prohibits state collecting fees relating licensure surplus lines broker state regulatory mechanism effect participation national insurance producer database national_association_of_insurance_commissioners naic equivalent uniform national database prohibits state establishing eligibility criteria nonadmitted insurers domiciled jurisdiction conformance state adopted nationwide uniform requirements forms procedures developed accordance act include alternative nationwide uniform eligibility requirements prohibits state prohibiting surplus lines broker placing nonadmitted insurance procuring nonadmitted insurance nonadmitted insurer domiciled outside united_states listed alien insurers prohibits state denying credit reinsurance state domicile insurer purchasing reinsurance ceding insurer recognizes credit reinsurance insurer ceded risk naic accredited state financial solvency requirements substantially similar naic accreditation requirements reserves reinsurer state domicile sole responsibility regulating reinsurer financial solvency state financial solvency requirements substantially similar state requiring reinsurer provide financial information required filed naic compliant domiciliary state


Summary: Coordination of Wind and Flood Perils Act of 2010 - Amends the National Flood Insurance Act of 1968 to direct the Administrator of Federal Emergency Management Agency (FEMA) and any insurer (including a state-run windpool), in the event of loss resulting from physical damage to real property or personal property arising from the combined perils of flood and wind, to enter into good faith negotiations regarding: (1) payment and adjustment of proven claims for multiperil losses; and (2) the allocation of such payments among the insurer, the Administrator, and the insured. Directs the Administrator to pay 50% percent of the disputed claim until it can be settled, if the Administrator and the insurer cannot agree as to the specific distribution of perils that resulted in a loss. Requires such good faith negotiations to require that: (1) in order to fully compensate the insured for losses as soon as practicable, the insurer against wind peril shall pay 50% of any disputed claim until the claim can be settled; and (2) if an insurer against wind peril and the Administrator fail to agree regarding multiperil losses, then each shall agree to have any dispute resolved by the arbitration panel established under this Act. Directs the Administrator to establish an arbitration panel to resolve disputes relating to multiperil losses between the Administrator and an insurer against wind peril.

coordination wind flood act amends national_flood_insurance_act direct administrator federal_emergency_management_agency fema insurer including state run event loss resulting physical damage real property personal property arising combined flood wind enter good faith negotiations payment adjustment proven claims losses allocation payments insurer administrator insured directs administrator pay percent disputed claim settled administrator insurer agree specific distribution resulted loss requires good faith negotiations require order fully compensate insured losses soon practicable insurer wind shall pay disputed claim claim settled insurer wind administrator fail agree losses shall agree dispute resolved arbitration panel established act directs administrator establish arbitration panel resolve disputes relating losses administrator insurer wind


Summary: Restoration of Legal Rights for Claimants under Holocaust-Era Insurance Policies Act of 2010 - Allows a beneficiary (including an heir, assignee, or legal representative of a named insured or beneficiary) of a Holocaust-era life, dowry, education, annuity, property, or other insurance policy to bring a civil action in a U.S. district court against the insurer for the covered policy (or a related company of the insurer) to recover proceeds due or otherwise to enforce any rights under the policy. Covers any such policy issued to a policyholder domiciled in any area that was occupied or controlled by Nazi Germany (or by an ally or friendly government) or the territorial jurisdiction of Switzerland. Requires the award to a prevailing beneficiary of the amount of the proceeds due under the policy, plus prejudgment interest at 6% per year, compounded annually, calculated from the date the amount was originally due. Requires the award of treble damages against any insurer or related company that acted in bad faith. Sets a 10-year statute of limitations for claims filed under this Act. Declares that any prior judgment or release entered for any claim arising under a covered policy in any civil action in a federal or state court shall not preclude, foreclose, bar, release, waive, acquit, discharge, or otherwise impair any claim brought under this Act by any person. Declares that any executive agreement between the United States and a foreign government entered into, or any executive foreign policy of the U.S. government established, before, on, or after the enactment of this Act, shall not supercede or preempt any state law or compromise, settle, extinguish, waive, preclude, bar, or foreclose any claim brought under this Act.

allows beneficiary including heir assignee legal representative named insured beneficiary holocaust era life education annuity property insurance policy bring civil action district court insurer covered policy related company insurer recover proceeds enforce rights policy covers policy issued policyholder domiciled area occupied controlled ally friendly government territorial jurisdiction requires award prevailing beneficiary proceeds policy plus prejudgment interest year compounded annually calculated date originally requires award treble damages insurer related company acted bad faith sets year statute limitations claims filed act declares prior judgment release entered claim arising covered policy civil action federal state court shall preclude foreclose bar release waive discharge impair claim brought act person declares executive agreement united_states foreign government entered executive foreign policy government established enactment act shall preempt state law compromise settle extinguish waive preclude bar foreclose claim brought act


Summary: Ponzi Scheme Investor Protection Act of 2011 - Amends the Securities Investor Protection Act of 1970 with respect to the duties of a trustee appointed for a Securities and Exchange Commission (SEC)-registered broker or dealer undergoing liquidation. Instructs the trustee to take specified actions if the trustee determines that the debtor is a Ponzi scheme. Establishes procedures for an indirect Ponzi scheme investor to file a claim. Instructs the trustee to: (1) coordinate with Ponzi scheme investors to ensure proper payments to indirect Ponzi scheme investors, and (2) take specified actions to pay indirect Ponzi scheme investors. Prescribes the maximum aggregate amount of all cash and securities that may be awarded to each indirect Ponzi scheme investor. Prohibits the trustee of a Ponzi scheme from seeking to recover money and profits from any Ponzi scheme investor unless such investor was either: (1) complicit in the Ponzi scheme, or (2) registered, or should have been registered, with the SEC as an an investment adviser, broker, dealer, or other person with a fiduciary duty to its customers or investors. Requires the Securities Investor Protection Corporation (SIPC) to: (1) promulgate regulations to ensure that any required adjustment in the net equity of a Ponzi scheme investor is passed to the appropriate indirect Ponzi scheme investors, (2) advance to the trustee any moneys required to pay claims and implement this Act, and (3) promulgate regulations modifying SIPC Fund assessment levels to ensure they are adequate to cover the anticipated costs of implementing this Act. Directs the court to award the amounts recommended by the SIPC if certain allowances are to be paid by the SIPC without reasonable expectation of recoupment and there is no difference between the amounts requested and the amounts recommended. Requires SIPC to select an independent public accountant to perform an annual audit of the trustee of the debtor in a liquidation proceeding for which SIPC does not have a reasonable expectation of recoupment of the advances it made for the proceeding.

scheme investor protection act amends securities investor protection act respect duties trustee appointed securities_and_exchange_commission broker dealer undergoing liquidation instructs trustee specified actions trustee determines debtor scheme establishes procedures indirect scheme investor file claim instructs trustee coordinate scheme investors ensure proper payments indirect scheme investors specified actions pay indirect scheme investors prescribes maximum aggregate cash securities awarded indirect scheme investor prohibits trustee scheme seeking recover money profits scheme investor investor complicit scheme registered registered sec investment adviser broker dealer person fiduciary duty customers investors requires promulgate regulations ensure required adjustment net equity scheme investor passed appropriate indirect scheme investors advance trustee moneys required pay claims implement act promulgate regulations modifying assessment levels ensure adequate cover anticipated costs implementing act directs court award amounts recommended certain allowances paid reasonable expectation recoupment difference amounts requested amounts recommended select independent public accountant perform annual audit trustee debtor liquidation proceeding reasonable expectation recoupment advances proceeding


Summary: (Sec. 1) Directs the Inspector General (IG) of the Federal Deposit Insurance Corporation (FDIC) to study the impact of the failure of insured depository institutions. Prescribes study details, including: (1) the impact of loss-sharing agreements (LSAs) upon the insured depository institutions that survive and the borrowers of those insured depository institutions that fail; (2) FDIC policies and procedures for monitoring LSAs, including those designed to ensure that institutions are not imprudently selling assets at a depressed value; (3) FDIC policies and procedures for terminating LSAs and mitigating the risk of acquiring institutions having substantial assets remaining in their portfolio when the LSAs are due to expire; (4) methods of ensuring the orderly end of expiring LSAs to prevent adverse impacts upon either borrowing, the real estate industry, or the Depositors Insurance Fund; (5) the significance of losses; and (6) the number of insured depository institutions placed into either receivership or conservatorship due to significant losses arising from loans for which all payments of principal, interest, and fees (payments) were current, under the contract. Requires the study to examine: (1) the impact of significant losses arising from loans for which all payments were current on the ability of insured depository institutions to raise additional capital; (2) the degree to which fair value accounting rules and other accounting standards have led to regulatory action against banks; and (3) whether field examiners use appropriate appraisal procedures with respect to losses arising from loans for which all payments were current and whether the application of appraisals leads to immediate write downs on the value of the underlying asset. Requires the study also to cover: (1) the policies and procedures for evaluating the adequacy of an insured depository institution's allowance for loan and lease losses, (2) examiners' policies and procedures for evaluating appraised values of property securing real estate loans, (3) examiners' implementation of specified FDIC guidelines, (4) factors examiners use to assess the adequacy of capital at insured depository institutions, (5) the factors used by the FDIC in evaluating applications of private capital investors to acquire insured depository institutions in receivership, and (6) the extent to which policies and procedures associated with the evaluation of potential private investments in insured depository institutions are followed. Requires such study also to address: (1) the success of FDIC field examiners in implementing specified FDIC guidelines governing workouts of commercial real estate loans, (2) the application and impact of consent orders and cease and desist orders, (3) the application and impact of FDIC policies, and (4) the FDIC's handling of potential investment from private equity companies in insured depository institutions. Requires the Inspectors General of the U.S. Treasury and of the Federal Reserve System to provide any material requested by the IG order to implement this Act. (Sec. 2) Directs the FDIC IG and the Comptroller General (GAO) to appear before certain congressional committees within 150 days after publication of the study required by this Act to discuss the outcomes and impact of federal regulations on bank examinations and failures. (Sec. 3) Directs the GAO to study: (1) the causes of bank failures in states with 10 or more failures since 2008; (2) the procyclical impact of fair value accounting standards; (3) the causes and potential solutions for the "vicious cycle" of loan write downs, raising capital, and failures; (4) the impact of bank failures upon the community; and (5) the feasibility and overall impact of LSAs.

sec directs inspector general federal_deposit_insurance_corporation fdic study impact failure insured depository institutions prescribes study details including impact loss sharing agreements insured depository institutions survive borrowers insured depository institutions fail fdic policies procedures monitoring including designed ensure institutions selling assets depressed value fdic policies procedures terminating mitigating risk acquiring institutions having substantial assets remaining portfolio expire methods ensuring orderly end expiring prevent adverse impacts borrowing real estate industry significance losses number insured depository institutions placed receivership conservatorship significant losses arising loans payments principal interest fees payments current contract requires study examine impact significant losses arising loans payments current ability insured depository institutions raise additional capital degree fair value accounting rules accounting standards led regulatory action banks field examiners use appropriate appraisal procedures respect losses arising loans payments current application appraisals leads immediate write downs value underlying asset requires study cover policies procedures evaluating adequacy insured depository institution allowance loan lease losses examiners policies procedures evaluating appraised values property securing real estate loans examiners implementation specified fdic guidelines factors examiners use assess adequacy capital insured depository institutions factors fdic evaluating applications private capital investors acquire insured depository institutions receivership extent policies procedures associated evaluation potential private investments insured depository institutions followed requires study address success fdic field examiners implementing specified fdic guidelines governing commercial real estate loans application impact consent orders cease desist orders application impact fdic policies fdic handling potential investment private equity companies insured depository institutions requires inspectors general federal_reserve_system provide material requested order implement act sec directs comptroller_general gao appear certain congressional committees days publication study required act discuss outcomes impact federal regulations bank examinations failures sec directs gao study causes bank failures states failures impact fair value accounting standards causes potential solutions cycle loan write downs raising capital failures impact bank failures community feasibility overall impact


Summary: Amends the Internal Revenue Code to expand the eligibility of certain small insurance companies (other than life insurance companies) for the alternative corporate income tax by increasing the premium limitation used to determine such eligibility to $2.025 million (from $1.2 million), with an annual inflation adjustment after 2012.


Summary: Amends the Internal Revenue Code to exclude from the taxable income of a life insurance company or other insurance company: (1) any non-taxed reinsurance premium; (2) any additional amount paid by an insurance company with respect to the reinsurance for which such non-taxed reinsurance premium is paid; and (3) any return premium, ceding commission, reinsurance recovered, or other amount received by an insurance company with respect to the reinsurance for which such non-taxed reinsurance premium is paid.

amends internal revenue code exclude taxable income life insurance company insurance company non taxed reinsurance premium additional paid insurance company respect reinsurance non taxed reinsurance premium paid return premium ceding commission reinsurance recovered received insurance company respect reinsurance non taxed reinsurance premium paid


Summary: Insurance Data Protection Act - Repeals the subpoena and enforcement powers of the Director of the Federal Insurance Office in the Department of the Treasury. Declares that the sharing of any nonpublicly available data with or by the Office among other federal agencies, the state insurance regulators and their collective agents, or other entities does not affect any federal or state confidentiality privilege arising under federal or state law to which such data or information is otherwise subject. Amends the Dodd-Frank Wall Street Reform and Consumer Protection Act to exempt an insurance company from the subpoena powers of the Director of the Office of Financial Research in the Treasury. Prescribes the treatment of data collected by financial regulators from a nonbank financial company that is an insurance company, including confidentiality procedures and agency disclosure requirements.

insurance data protection act repeals subpoena enforcement powers director federal_insurance_office department_of_the_treasury declares sharing nonpublicly available data office federal agencies state insurance regulators collective agents entities affect federal state confidentiality privilege arising federal state law data information subject amends dodd-frank_wall_street_reform consumer protection act exempt insurance company subpoena powers director office_of_financial_research treasury prescribes treatment data collected financial regulators nonbank financial company insurance company including confidentiality procedures agency disclosure requirements


Summary: Executive Compensation Clawback Full Enforcement Act - Prohibits personnel or affiliated parties of depository institutions, depository institution holding companies, or nonbank financial companies who are required by federal financial regulatory law that imposes personal liability from insuring or hedging against, or otherwise transferring the risks associated with, personal liability for amounts owed as repayment of previously earned compensation or civil penalties. States that such persons are not precluded from being provided funds from: (1) specified entities to defend against previously earned compensation recovery or civil money penalty, or (2) certain insurance that protects against personal liability. Applies this Act to the personnel or affiliated party of a foreign nonbank financial company only to the extent such party is based in the United States.

executive compensation enforcement act prohibits personnel affiliated parties depository institutions depository institution holding companies nonbank financial companies required federal financial regulatory law imposes personal liability insuring hedging transferring risks associated personal liability amounts owed repayment previously earned compensation civil penalties states persons precluded provided funds specified entities defend previously earned compensation recovery civil money penalty certain insurance protects personal liability applies act personnel affiliated party foreign nonbank financial company extent party based united_states


Summary: Passenger Vehicle Loss Disclosure Act of 2011 - Directs the Secretary of Transportation (DOT) to require all insurers and self-insurers of passenger motor vehicles to disclose to the public, in a commercially reasonable, electronically accessible manner, for each passenger motor vehicle declared or determined to be a total loss: (1) the vehicle identification number and odometer reading, (2) the date of and primary reason for the total loss determination, and (3) whether the airbags deployed.

passenger vehicle loss disclosure act directs secretary transportation dot require insurers self insurers passenger motor vehicles disclose public commercially reasonable electronically accessible manner passenger motor vehicle declared determined total loss vehicle identification number reading date primary reason total loss determination deployed


Summary: Restoration of Legal Rights for Claimants under Holocaust-Era Insurance Policies Act of 2011 - Allows a beneficiary (including an heir, assignee, or legal representative of a named insured or beneficiary) of a Holocaust-era life, dowry, education, annuity, property, or other insurance policy to bring a civil action in a U.S. district court against the insurer for the covered policy (or a related company of the insurer) to recover proceeds due or otherwise to enforce any rights under the policy. Covers any such policy issued to a policyholder domiciled in any area that was occupied or controlled by Nazi Germany (or by an ally or friendly government) or the territorial jurisdiction of Switzerland. Requires the award to a prevailing beneficiary of the amount of the proceeds due under the policy, plus prejudgment interest at 6% per year, compounded annually, calculated from the date the amount was originally due. Requires the award of treble damages against any insurer or related company that acted in bad faith. Sets a 10-year statute of limitations for claims filed under this Act. Prohibits any prior judgment or release entered for any claim arising under a covered policy in any civil action in a federal or state court from impairing any claim brought under this Act. Declares that any executive agreement between the United States and a foreign government entered into, or any executive foreign policy of the U.S. government established, before, on, or after the enactment of this Act, shall not supercede or preempt any state law or compromise, settle, extinguish, waive, preclude, bar, or foreclose any claim brought under this Act.

allows beneficiary including heir assignee legal representative named insured beneficiary holocaust era life education annuity property insurance policy bring civil action district court insurer covered policy related company insurer recover proceeds enforce rights policy covers policy issued policyholder domiciled area occupied controlled ally friendly government territorial jurisdiction requires award prevailing beneficiary proceeds policy plus prejudgment interest year compounded annually calculated date originally requires award treble damages insurer related company acted bad faith sets year statute limitations claims filed act prohibits prior judgment release entered claim arising covered policy civil action federal state court impairing claim brought act declares executive agreement united_states foreign government entered executive foreign policy government established enactment act shall preempt state law compromise settle extinguish waive preclude bar foreclose claim brought act


Summary: Commission on Catastrophic Disaster Risk and Insurance Act of 20011 - Establishes the bipartisan Commission on Catastrophic Disaster Risk and Insurance to assess: (1) the condition of the property and casualty insurance and reinsurance markets in the aftermath of Hurricane Katrina, Rita, and Wilma in 2005, and the four major hurricanes that struck the United States in 2004; (2) the ongoing exposure of the United States to earthquakes, volcanic eruptions, tsunamis, and floods; and (3) recommend and report legislative and regulatory changes to improve the domestic and international financial health and competitiveness of such markets.

commission catastrophic disaster risk insurance act establishes bipartisan commission catastrophic disaster risk insurance assess condition property casualty insurance reinsurance markets hurricane katrina rita wilma major hurricanes united_states ongoing exposure united_states earthquakes volcanic floods recommend report legislative regulatory changes improve domestic international financial health competitiveness markets


Summary: Amends the Internal Revenue Code, with respect to the tax treatment of certain life insurance contract transactions, to require reporting to the Internal Revenue Service (IRS) of: (1) information identifying persons who acquire a life insurance contract, or any interest therein, in a reportable policy sale; (2) information identifying a seller who transfers an interest in a life insurance contract and the seller's investment in the contract; and (3) reportable death benefit payments. Requires a basis adjustment for mortality, expense, or other reasonable charges incurred under an annuity or life insurance contract. Exempts from rules limiting the exclusion from gross income of life insurance death benefit amounts any amounts realized from the transfer of a life insurance contract, or any interest therein, that is a reportable policy sale.  Defines "reportable policy sale" as the acquisition of an interest in a life insurance contract, directly or indirectly, if the acquirer has no substantial family, business, or financial relationship with the insured apart from the acquirer's interest in such life insurance contract.

amends internal revenue code respect tax treatment certain life insurance contract transactions require reporting internal_revenue_service irs information identifying persons acquire life insurance contract interest reportable policy sale information identifying seller transfers interest life insurance contract seller investment contract reportable death benefit payments requires basis adjustment mortality expense reasonable charges incurred annuity life insurance contract exempts rules limiting exclusion gross income life insurance death benefit amounts amounts realized transfer life insurance contract interest reportable policy sale defines reportable policy sale acquisition interest life insurance contract directly indirectly substantial family business financial relationship insured apart interest life insurance contract


amends internal revenue code expand eligibility certain small insurance companies life insurance companies alternative corporate income tax increasing premium limitation determine eligibility million million annual inflation adjustment


Summary: Repeals the requirement that the Secretary of Transportation (DOT) prescribe regulations to require passenger motor vehicle dealers to distribute to prospective buyers information comparing insurance costs for different makes and models of passenger motor vehicles based on damage susceptibility and crashworthiness. Declares any regulations promulgated pursuant to that requirement to have no force or effect. Directs the Secretary, after providing for public comment, to study and report to Congress on the most useful data, format, and method for providing simple and understandable damage susceptibility information to consumers.

repeals requirement secretary transportation dot prescribe regulations require passenger motor vehicle dealers distribute prospective buyers information comparing insurance costs different makes models passenger motor vehicles based damage susceptibility declares regulations promulgated pursuant requirement force effect directs secretary providing public comment study report congress useful data format method providing simple understandable damage susceptibility information consumers


Summary:
Terrorism Risk Insurance Act of 2002 Reauthorization Act of 2013 or the TRIA Reauthorization Act of 2013 - Amends the Terrorism Risk Insurance Act of 2002 to extend the Terrorism Insurance Program until December 31, 2019 (under current law the Program expires on December 31, 2014).

Requires the Secretary of the Treasury to collect all required terrorism loss risk-spreading premiums for any act of terrorism that occurs on or after January 1, 2012, by September 30, 2024 (currently, by September 30, 2017).

terrorism risk insurance act reauthorization act tria reauthorization act amends terrorism_risk_insurance act extend terrorism_insurance_program december current law program expires december requires secretary treasury collect required terrorism loss risk spreading premiums act terrorism occurs january september currently september


Summary:
Homeowners' Defense Act of 2013 - Establishes the National Catastrophe Risk Consortium, as a non-federal, non-profit entity, to ensure the availability and affordability of homeowners' insurance coverage for catastrophic events.

Directs the Consortium to: (1) maintain an inventory of catastrophe risk obligations held by state reinsurance funds, state residual insurance market entities, and state-sponsored providers of natural catastrophe insurance; (2) issue, on a conduit basis, securities and other financial instruments linked to catastrophe risks insured or reinsured through Consortium members; (3) coordinate reinsurance contracts; (4) act as a centralized repository of state risk information accessible by certain private-market participants; and (5) establish a database to perform research and analysis that encourages standardization of the risk-linked securities market.

 Shields the federal government and the Consortium from liability for Consortium actions.

homeowners defense act establishes non federal non profit entity ensure availability affordability homeowners insurance coverage catastrophic events directs consortium maintain inventory catastrophe risk obligations held state reinsurance funds state residual insurance market entities state sponsored providers natural catastrophe insurance issue conduit basis securities financial instruments linked catastrophe risks insured consortium members coordinate reinsurance contracts act centralized repository state risk information accessible certain private market participants establish database perform research analysis encourages standardization risk linked securities market shields federal government consortium liability consortium actions


Summary:
Electronic Life Safety and Security Systems Federal Background Check Act of 2013 - Directs the Attorney General to establish a method to permit employers in the electronic life safety and security systems industry to request a fitness determination based on state and federal fingerprint-based criminal history background checks.

 Requires the Attorney General to:

 inform such employers about how to request background checks; complete a check of the national criminal history records system; establish procedures for the secure receipt of criminal history records; make determinations regarding whether the criminal history records received in response to a background check indicate a criminal history that may bear on the employee's or prospective employee's fitness for employment in such industry based on whether that individual has, during the preceding 10 years, been convicted of or imprisoned for a felony or an offense involving dishonesty, false statement, or the use of force against another; convey such fitness determination to the employer requesting the background check; provide an affected employee or prospective employee his or her criminal history records and notification of the right to challenge the accuracy or completeness of such records or to withdraw consent to participate in the determination; collect fees from employers to offset fitness determination costs; and issue regulations to ensure the enforcement of nondisclosure requirements for criminal history records.

electronic life safety security systems federal background check act directs attorney general establish method permit employers electronic life safety security systems industry request fitness determination based state federal fingerprint based criminal history background checks requires attorney general inform employers request background checks complete check national criminal history records system establish procedures secure receipt criminal history records determinations criminal history records received response background check indicate criminal history bear employee prospective employee fitness employment industry based individual preceding years convicted imprisoned felony offense involving false statement use force convey fitness determination employer requesting background check provide affected employee prospective employee criminal history records notification right challenge accuracy completeness records withdraw consent participate determination collect fees employers offset fitness determination costs issue regulations ensure enforcement nondisclosure requirements criminal history records


Summary:
Fostering Resilience to Terrorism Act of 2013 - Amends the Terrorism Risk Insurance Act of 2002 to revise the definition of an "act of terrorism" to mean any act that is certified as meeting the specified criteria for such an act by the Secretary of Homeland Security (DHS), in concurrence with the Secretary of the Treasury (currently, by the Secretary of the Treasury in concurrence with the Secretary of State).

Extends the Terrorism Insurance Program until December 31, 2024 (under current law the Program expires on December 31, 2014).

Requires reports in 2017, 2020, and 2030 on the findings of the President's Working Group on Financial Markets pursuant to an ongoing analysis regarding the long-term availability and affordability of insurance for terrorism risk.

Directs the DHS Secretary to: (1) provide to insureds under the Program, through the Secretary of the Treasury, timely homeland security information, including terrorism risk information, at the appropriate classification level and information on best practices to foster resilience to a terrorist act; and (2) conduct research to determine the extent to which such insureds, particularly insureds in critical infrastructure sectors, incorporate such best practices information into their business operations.

fostering resilience terrorism act amends terrorism_risk_insurance act revise definition act terrorism mean act certified meeting specified criteria act secretary homeland_security dhs concurrence secretary treasury currently secretary treasury concurrence secretary state extends terrorism_insurance_program december current law program expires december requires reports findings president pursuant ongoing analysis long term availability affordability insurance terrorism risk directs dhs secretary provide insureds program secretary treasury timely homeland security information including terrorism risk information appropriate classification level information best practices foster resilience terrorist act conduct research determine extent insureds particularly insureds critical infrastructure sectors incorporate best practices information business operations


Summary:
Terrorism Risk Insurance Program Reauthorization Act of 2013 - Amends the Terrorism Risk Insurance Act of 2002 to extend from December 31, 2014, through December 31, 2024, the Terrorism Risk Insurance program.

Extends to September 30, 2027, the deadline by which the Secretary of the Treasury is required to collect all mandatory premiums for any act of terrorism occurring on or after January 1, 2012.

Requires reports in 2017, 2020, and 2023 on the findings of the President's Working Group on Financial Markets pursuant to an ongoing analysis regarding the long-term availability and affordability of (market conditions for) terrorism risk insurance.

amends terrorism_risk_insurance act extend december december terrorism_risk_insurance program extends september deadline secretary treasury required collect mandatory premiums act terrorism occurring january requires reports findings president pursuant ongoing analysis long term availability affordability market conditions terrorism risk insurance


Summary: Flood Insurance Market Parity and Modernization Act of 2014 - Amends the Flood Disaster Protection Act of 1973 to redefine "private flood insurance" to include a policy issued by an insurance company that is eligible as a nonadmitted insurer to provide insurance in the state or jurisdiction where the property to be insured is located.

amends flood disaster protection act redefine private flood insurance include policy issued insurance company eligible nonadmitted insurer provide insurance state jurisdiction property insured located


Summary: Amends the Internal Revenue Code to expand the eligibility of certain small insurance companies (other than life insurance companies) for the alternative corporate income tax by increasing the premium limitation used to determine such eligibility to $2.025 million (from $1.2 million), with an annual inflation adjustment after 2014.


Summary:
TRIA Reform Act of 2014 - Title I: TRIA Reform - (Sec. 102) Amends the Terrorism Risk Insurance Act of 2002 (TRIA) to extend the Terrorism Insurance Program through December 31, 2019, and to revise requirements for the Program.

 (Sec. 103) Requires the Secretary of the Treasury (Secretary), before certifying an act of terrorism, to consult with the Secretary of Homeland Security (DHS) instead of obtaining concurrence with the Secretary of State (as under current law). Repeals the prohibition against certifying an act of terrorism if resulting property and casualty insurance losses do not exceed $5 million.

Requires a preliminary notice that an act is expected to be certified within 15 days after its occurrence or after receipt of an insurer's petition for a preliminary decision. Requires a final certification within 90 days after occurrence or receipt of such a petition.

Requires treatment of a particular act as not being an act of terrorism if the Secretary neither certifies nor determines not to certify the act within the 90-day period.

(Sec. 104) Requires each certification of an act of terrorism, beginning January 1, 2016, to include a determination of whether it involves nuclear, biological, chemical, or radiological (NBCR) terrorism. Requires the federal share of payments thereafter for: (1) non-NBCR acts of terrorism to be reduced annually to 80% of insured losses by 2019, and (2) NBCR acts of terrorism to be 85% of insured losses.

Increases Program minimum aggregate loss trigger levels for the payment of compensation for non-NBCR acts of terrorism each year from 2016 to 2019. Sets the minimum trigger level for acts of NCBR terrorism at $100 million. Prohibits the Secretary, in determining such aggregate losses, from considering any act resulting, in the aggregate, in less than $50 million in insured losses.

(Sec. 105) Requires the Secretary to promulgate regulations to allow small insurers voluntarily to opt-out of TRIA's mandatory availability requirement if the state's insurance regulatory authority determines that the insurer meets requirements for financial hardship or financial infeasibility for providing coverage for insured losses.

(Sec. 106) Increases from 133% to 150% of any mandatory recoupment amount the terrorism loss risk-spreading premium (surcharge) collected for repayment of federal financial assistance provided in connection with all acts of terrorism (or acts of war, in the case of workers compensation).

(Sec. 107) Revises the formula for determining the annual insurance marketplace aggregate retention amount after January 1, 2016.

(Sec. 108) Requires the Secretary to begin collecting terrorism loss risk-spreading premiums within 18 months after the occurrence of the certified act for which they are imposed.

(Sec. 109) Requires the Secretary to establish an Advisory Committee to encourage the creation and development of risk-sharing mechanisms by insurers to reinsure voluntarily among themselves terrorism losses that are not subject to reimbursement under the Program.

(Sec. 110) Directs the Secretary to: (1) require insurers participating in the Program to submit appropriate information regarding insurance coverage for their terrorism losses, and (2) use this information to analyze Program effectiveness.

(Sec. 111) Requires insurers to disclose to the policyholder the premium charged for covered insured losses and the federal share of compensation for insured losses only at the time of offer and renewal (currently, also at the time of purchase) of the policy.

(Sec. 113) Requires the Secretary to conduct an annual study of small insurers participating in the Program to identify any competitive challenges small insurers face in the terrorism risk insurance marketplace.

(Sec. 114) Requires the Directors of the Congressional Budget Office (CBO) and the Office of Management and Budget (OMB) to study the feasibility of applying accrual accounting concepts to budgeting for the costs of this and other federal insurance programs.

 (Sec. 115) Directs the Comptroller General (GAO) to study the viability of: (1) federal assessment and collection of upfront premiums from insurers that participate in the Program; and (2) creation of a capital reserve fund, requiring participating insurers to dedicate capital specifically for terrorism losses before they are incurred.

Title II: National Association of Registered Agents and Brokers Reform - National Association of Registered Agents and Brokers Reform Act of 2014 - (Sec. 202) Amends the Gramm-Leach-Bliley Act to repeal the contingent conditions under which the National Association of Registered Agents and Brokers (NARAB) shall not be established. Establishes the NARAB without contingent conditions as an independent nonprofit corporation to prescribe, on a multi-state basis, licensing and insurance producer qualification requirements and conditions.

Prohibits the NARAB from merging with or into any other private or public entity.

Requires the NARAB, without affecting state regulatory authority, to provide a mechanism for the adoption and multi-state application of requirements and conditions pertaining to: (1) licensing, continuing education, and other qualifications of non-NARAB insurance producers; (2) resident or nonresident insurance producer appointments; (3) supervision and disciplining of such producers; and (4) the setting of licensing fees for insurance producers.

Makes any state-licensed insurance producer eligible to join the NARAB, except during a period of license suspension or revocation. Requires an individual insurance producer to undergo a criminal history record check by the Federal Bureau of Investigation (FBI). Requires the NARAB to submit to the FBI identification information obtained from the insurance producer, upon producer request, as well as a request of its own for the criminal history record check.

Authorizes the NARAB to: (1) establish membership criteria; and (2) deny membership to an individual state-licensed insurance producer on the basis of the criminal history information obtained, or where the producer has been subject to certain disciplinary action.

Prescribes procedures governing a criminal history record check, including the rights of applicants denied membership.

Authorizes the NARAB to establish membership criteria, including separate classes of membership and membership criteria for business entities; but prohibits it from establishing criteria that unfairly limit the ability of a small insurance producer to become a member of the NARAB, including discriminatory membership fees.

Authorizes the NARAB to establish separate categories of membership for insurance producers and for other persons or entities within each class, based on the types of licensing categories that exist under state laws.

Prohibits the NARAB from establishing special categories of membership, including distinct membership criteria for members that are depository institutions or for their employees, agents, or affiliates.

Prohibits the NARAB from adopting any qualification less protective to the public than that contained in the National Association of Insurance Commissioners (NAIC) Producer Licensing Model Act.

Prescribes procedures for authorized information sharing pursuant to a request by a licensed insurance producer.

Authorizes the NARAB to deny membership to any state-licensed insurance producer for failure to meet membership criteria.

States that NARAB membership authorizes an insurance producer to engage in the business of insurance in any state for any lines of insurance specified in the producer's home state license, including claims adjustments and settlement, risk management, and specified insurance-related consulting activities.

Makes NARAB membership equivalent to a nonresident insurance producer license for specified purposes.

Empowers the NARAB to act as agent for any member for the purpose of remitting licensing fees to a state.

Requires the NARAB to disclose to states, including state insurance regulators and the NAIC, on an ongoing basis, a list of the states in which each member is authorized to operate.

Retains state regulatory jurisdiction regarding: (1) consumer protection and market conduct, and (2) state disciplinary authority.

Requires the NARAB to establish, as a condition of membership, continuing education requirements comparable to the continuing education requirements under the licensing laws of a majority of the states.

Prohibits the NARAB from offering continuing education courses for insurance producers.

Grants the NARAB disciplinary enforcement powers.

Requires the NARAB to: (1) receive and investigate consumer complaints, and to maintain a toll-free telephone number; and (2) refer any such complaint to the state insurance regulator. Prescribes information- sharing procedures and limitations with the NAIC or governmental entities.

Authorizes the NARAB to establish: (1) a central clearinghouse, or utilize NAIC as a central clearinghouse through which NARAB members may disclose their intent to operate in one or more states; and (2) a national database for the collection of regulatory information concerning the activities of insurance producers.

Establishes the NARAB board of directors, whose membership shall include state insurance commissioners. Sets forth terms and procedures for appointment of members by the President. Authorizes reappointment to successive terms. Prohibits compensation on account of Board membership.

Declares that the NARAB shall not be deemed to be an insurer or insurance producer within the meaning of any state law, rule, regulation, or order regulating or taxing insurers, insurance producers, or other entities engaged in the business of insurance.

Sets forth procedures for presidential oversight of the NARAB, including removal of the entire existing Board.

Sets forth a limited preemption of state laws purporting to regulate insurance producers.

Directs the NARAB to coordinate with the Financial Industry Regulatory Authority (FINRA) in order to ease administrative burdens that fall on NARAB members subject to regulation by FINRA.

Authorizes any person aggrieved by a NARAB decision or action to commence a civil action in an appropriate federal district court.

Prohibits federal funding of the NARAB.

tria reform act title tria reform sec amends terrorism_risk_insurance act tria extend terrorism_insurance_program december revise requirements program sec requires secretary treasury secretary certifying act terrorism consult secretary homeland_security dhs instead obtaining concurrence secretary state current law repeals prohibition certifying act terrorism resulting property casualty insurance losses exceed million requires preliminary notice act expected certified days occurrence receipt insurer petition preliminary decision requires final certification days occurrence receipt petition requires treatment particular act act terrorism secretary certifies determines certify act day period sec requires certification act terrorism beginning january include determination involves nuclear biological chemical radiological terrorism requires federal share payments acts terrorism reduced annually insured losses acts terrorism insured losses minimum aggregate loss trigger levels payment compensation non acts terrorism year sets minimum trigger level acts terrorism million prohibits secretary determining aggregate losses considering act resulting aggregate million insured losses sec requires secretary promulgate regulations allow small insurers voluntarily opt tria mandatory availability requirement state insurance regulatory authority determines insurer meets requirements financial hardship financial providing coverage insured losses sec increases mandatory recoupment terrorism loss risk spreading premium surcharge collected repayment federal financial assistance provided connection acts terrorism acts war case workers compensation sec revises formula determining annual insurance marketplace aggregate retention january sec requires secretary begin collecting terrorism loss risk spreading premiums months occurrence certified act imposed sec requires secretary establish advisory_committee encourage creation development risk sharing mechanisms insurers voluntarily terrorism losses subject reimbursement program sec directs secretary require insurers participating program submit appropriate information insurance coverage terrorism losses use information analyze program effectiveness sec requires insurers disclose policyholder premium charged covered insured losses federal share compensation insured losses time offer renewal currently time purchase policy sec requires secretary conduct annual study small insurers participating program identify competitive challenges small insurers face terrorism risk insurance marketplace sec requires directors congressional_budget_office cbo office_of_management_and_budget omb study feasibility applying accrual accounting concepts budgeting costs federal insurance programs sec directs comptroller_general gao study viability federal assessment collection upfront premiums insurers participate program creation capital reserve fund requiring participating insurers dedicate capital specifically terrorism losses incurred title sec amends gramm leach bliley act repeal contingent conditions national_association_of_registered_agents_and_brokers narab shall established establishes narab contingent conditions independent nonprofit corporation prescribe multi state basis licensing insurance producer qualification requirements conditions prohibits narab merging private public entity requires narab affecting state regulatory authority provide mechanism adoption multi state application requirements conditions pertaining licensing continuing education qualifications non narab insurance producers resident nonresident insurance producer appointments supervision disciplining producers setting licensing fees insurance producers makes state licensed insurance producer eligible join narab period license suspension revocation requires individual insurance producer undergo criminal history record check federal_bureau_of_investigation fbi requires narab submit fbi identification information obtained insurance producer producer request request criminal history record check authorizes narab establish membership criteria deny membership individual state licensed insurance producer basis criminal history information obtained producer subject certain disciplinary action prescribes procedures governing criminal history record check including rights applicants denied membership authorizes narab establish membership criteria including separate classes membership membership criteria business entities prohibits establishing criteria unfairly limit ability small insurance producer member narab including discriminatory membership fees authorizes narab establish separate categories membership insurance producers persons entities class based types licensing categories exist state laws prohibits narab establishing special categories membership including distinct membership criteria members depository institutions employees agents affiliates prohibits narab adopting qualification protective public contained national_association_of_insurance_commissioners naic producer licensing model act prescribes procedures authorized information sharing pursuant request licensed insurance producer authorizes narab deny membership state licensed insurance producer failure meet membership criteria states narab membership authorizes insurance producer engage business insurance state lines insurance specified producer home state license including claims adjustments settlement risk management specified insurance related consulting activities makes narab membership equivalent nonresident insurance producer license specified purposes empowers narab act agent member purpose remitting licensing fees state requires narab disclose states including state insurance regulators naic ongoing basis list states member authorized operate retains state regulatory jurisdiction consumer protection market conduct state disciplinary authority requires narab establish condition membership continuing education requirements comparable continuing education requirements licensing laws majority states prohibits narab offering continuing education courses insurance producers grants narab disciplinary enforcement powers requires narab receive investigate consumer complaints maintain toll free telephone number refer complaint state insurance regulator prescribes sharing procedures limitations naic governmental entities authorizes narab establish central clearinghouse utilize naic central clearinghouse narab members disclose intent operate states national database collection regulatory information concerning activities insurance producers establishes narab board directors membership shall include state insurance commissioners sets forth terms procedures appointment members president authorizes reappointment successive terms prohibits compensation account board membership declares narab shall deemed insurer insurance producer meaning state law rule regulation order regulating taxing insurers insurance producers entities engaged business insurance sets forth procedures presidential oversight narab including removal entire existing board sets forth limited preemption state laws purporting regulate insurance producers directs narab coordinate financial_industry_regulatory_authority finra order ease administrative burdens fall narab members subject regulation finra authorizes person aggrieved narab decision action commence civil action appropriate federal district court prohibits federal funding narab


Summary: Requires the Director of the Federal Insurance Office (in the Department of the Treasury) to study whether the insurance industry engages in the illegal practices of insurance steering or redlining, including an investigation of insurance products, pricing, promotions, and placement of services being offered to consumers in the United States.

requires director federal_insurance_office department_of_the_treasury study insurance industry engages illegal practices insurance steering including investigation insurance products pricing promotions placement services offered consumers united_states


Summary:
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 amends nonadmitted reinsurance reform act define captive insurance company insurance company wholly owned directly indirectly single parent company primary purpose insure risks single parent company affiliates group companies primary purpose insure risks group affiliates industry trade service group association primary purpose insure risks member group association including member affiliate excludes captive insurance company meaning nonadmitted insurer licensed engage business insurance state requirements including state tax requirements applying nonadmitted insurer


Summary: Amends the Internal Revenue Code to exclude from the taxable income of a life insurance company or other insurance company: (1) any non-taxed reinsurance premium; (2) any additional amount paid by an insurance company with respect to the reinsurance for which such non-taxed reinsurance premium is paid; and (3) any return premium, ceding commission, reinsurance recovered, or other amount received by an insurance company with respect to the reinsurance for which such non-taxed reinsurance premium is paid.

amends internal revenue code exclude taxable income life insurance company insurance company non taxed reinsurance premium additional paid insurance company respect reinsurance non taxed reinsurance premium paid return premium ceding commission reinsurance recovered received insurance company respect reinsurance non taxed reinsurance premium paid


Summary: Amends the Internal Revenue Code to expand the eligibility of certain small insurance companies (other than life insurance companies) for the alternative corporate income tax by increasing the premium limitation used to determine such eligibility to $2.012 million (from $1.2 million), with an annual inflation adjustment after 2013.