Panel clears bill to bring Calif. in line with Dodd-Frank

04/26/2012 | Insurance Journal

The California Senate Insurance Committee has endorsed a reinsurance measure that would reconcile state laws with the Dodd-Frank Act. Under the bill, the insurance commissioner would be authorized to determine whether a domiciled carrier could become a professional reinsurer. "I am pleased that the Senate Insurance Committee has passed this important legislation to align California's reinsurance laws with federal law and the [National Association of Insurance Commissioners] revisions relating to reinsurance," Insurance Commissioner Dave Jones said in a statement.

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