SIIA Secures Sponsors for LRRA Legislation
Washington, DC, January 28, 2011 --(PR.com)-- SIIA today announced that it has confirmed lead sponsors for federal legislation intended to modernize the Liability Risk Retention Act (LRRA). Senator Jon Tester (D-MT) will introduce the bill in the U.S. Senate while Rep. John Campbell (R-CA) has committed to take the lead in the House of Representatives.
This will be a reintroduction of SIIA-backed LRRA legislation that was considered in the House last year but failed to attract a sponsor in the Senate.
The legislation would allow risk retention groups (RRGS) to write commercial property coverage, specify standardized corporate governance standards and institute a federal arbitration process for RRGs that have disputes with non-domiciliary regulators.
Work is now underway to secure a Republican co-sponsor in the Senate and a Democratic co-sponsor in the House in order to demonstrate the legislation's bipartisan support at the time of introduction, which is expected late next month.
"We are pleased that such influential members of Congress have signed on to support our efforts," said SIIA Chief Operating Officer Mike Ferguson. "There is still much work to be done but we are off to a good start in the new Congress."
Watch for additional updates from SIIA on this developing story.
Learn more about this and other important developments in Washington, DC during SIIA's Legislative/Regulatory Update webinar, scheduled for February 2, 2011 (next week). Also be sure to sign up for the association's Legislative/Regulatory Conference, scheduled for March 14-16, 2011 in Washington, DC. You can access registration information for both events on-line at siia.org or by calling 800/851-7789.
In related news, SIIA recently submitted information to the General Accounting Office (GAO) to assist the agency in its investigation of improper state regulation of RRGs and related issues. The GAO is expected to issue its report this summer.
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This will be a reintroduction of SIIA-backed LRRA legislation that was considered in the House last year but failed to attract a sponsor in the Senate.
The legislation would allow risk retention groups (RRGS) to write commercial property coverage, specify standardized corporate governance standards and institute a federal arbitration process for RRGs that have disputes with non-domiciliary regulators.
Work is now underway to secure a Republican co-sponsor in the Senate and a Democratic co-sponsor in the House in order to demonstrate the legislation's bipartisan support at the time of introduction, which is expected late next month.
"We are pleased that such influential members of Congress have signed on to support our efforts," said SIIA Chief Operating Officer Mike Ferguson. "There is still much work to be done but we are off to a good start in the new Congress."
Watch for additional updates from SIIA on this developing story.
Learn more about this and other important developments in Washington, DC during SIIA's Legislative/Regulatory Update webinar, scheduled for February 2, 2011 (next week). Also be sure to sign up for the association's Legislative/Regulatory Conference, scheduled for March 14-16, 2011 in Washington, DC. You can access registration information for both events on-line at siia.org or by calling 800/851-7789.
In related news, SIIA recently submitted information to the General Accounting Office (GAO) to assist the agency in its investigation of improper state regulation of RRGs and related issues. The GAO is expected to issue its report this summer.
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Contact
Self-Insurance Institute of America, Inc.
Erica Massey
800-851-7789
www.siia.org
Erica Massey
800-851-7789
www.siia.org
Contact
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