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ARTICLE · 06 SEPTEMBER 2010

Insurance Industry Developments for Summer 2010

Foley & Lardner LLP
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On July 15, 2010, the Senate passed the Dodd-Frank Wall Street Reform and Consumer Protection Act (Act). Title V of the Act is captioned "Insurance" and contains a number of provisions that directly impact insurance and reinsurance companies, which we have summarized below.

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What Changes Does the Dodd-Frank Act Bring to the Insurance and Reinsurance Industry?
By Robert C. Leventhal

On July 15, 2010, the Senate passed the Dodd-Frank Wall Street Reform and Consumer Protection Act (Act). Title V of the Act is captioned "Insurance" and contains a number of provisions that directly impact insurance and reinsurance companies, which we have summarized below.

State-Based Insurance Reform

The Act provides for certain state-based insurance reforms. The two areas addressed are state laws regulating nonadmitted insurance and state laws regulating credit for reinsurance.

Provisions Regarding Nonadmitted Insurance

The Act provides that no state other than the home state1 of an insured may require any premium tax payment for nonadmitted insurance. States may enter into a compact or otherwise establish procedures to allocate among the states the premium taxes paid to the home state. Congress intends that each state shall adopt uniform

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