Federal Insurance Office’s Latest Report Concludes Nonadmitted and Reinsurance Reform Act (NRRA) Does Not Impede States’ Ability to Access Reinsurance Information
Nov 12, 2013
Pursuant to the Nonadmitted and Reinsurance Reform Act of 2010 (“NRRA”), contained within Title V of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Federal Insurance Office (“FIO”) recently submitted a report to Congress describing the legislation’s impact on the ability of state regulators to access reinsurance information for regulated entities in their jurisdictions. Part 11 of the NRRA defines a “regulated entity” as a licensed reinsurer.
To view the FIO’s complete report, click here.
In its report, the FIO concludes that Part II of the NRRA has not had an adverse impact on the ability of state regulators to access reinsurance information for regulated companies
The NRRA requires an update on the report to be issued on or before January 1, 2015.
Of the report, Bernie G. Heinze, executive director of the American Association of Managing General Agents (AAMGA) said his organization was pleased to learn of the FIO’s conclusions.
“From the inception of the examination by Congress into the scope of the NRRA as first proposed, we have maintained that the system of state regulation to access reinsurance information for regulated companies has–and continues–working as expected for the benefit of consumers, the competitive market and regulators,” Heinze said. “The NRRA is operating as designed, to afford a consistent and reliable framework for reinsurers and their respective domiciliary state regulators to ensure financial solvency.”
To read complete news coverage of the report from National Underwriter’s PropertyCasualty360.com, click here.
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