Risk retention group leaders are urging prompt House action on legislation introduced this month that will allow RRGs to sell commercial property insurance.
However, the Independent Insurance Agents and Brokers of America is voicing concern about a provision in the bill that would allow the Treasury Department to preempt a state's oversight of a risk retention group if the agency determines that the rule is inconsistent with the RRG's home state regulation.
Besides providing authority to sell property insurance, the “Risk Retention Modernization Act of 2010″ (H.R. 4802) would mandate that RRGs create new uniform, baseline corporate governance standards.
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