New Jersey Congressman and Co-Author of NRRA Affirms Dodd-Frank is Not Applicable to Captive Insurance; U.S. Congressman Garrett Supports Coalition for Captive Insurance
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U.S. Congressman
In addressing the Speaker, Congressman Garrett said, “Unfortunately, several states have indicated that they plan to interpret the NRRA to also apply to the captive insurance industry. This was not the intent of
Congressman Garrett, a republican representing New Jersey’s
NRRA, a sub-section of the Dodd-Frank legislation, has caused confusion over whether it is applicable to captive insurance, due to the misinterpretation of the current language. A coalition comprised of the captive insurance industry, the
“This should send a clear message to any domicile that any information to the contrary can only be interpreted as a self-serving tactic that is neither accurate nor in the interest of clients and the industry,” said
In his statement,
Congressman Garrett has pledged to work with his colleagues on the Financial Services Committee to ensure that the bill is implemented as the
This statement of record from Congressman Garrett reaffirms a recent letter from former chair of the subcommittee on insurance of the
The full text of Congressman Garrett’s statement can be found at http://www.VermontCaptive.com/DoddFrank.
Captive insurance is a regulated form of self-insurance that has existed since the 1960’s, and has been a part of the
VCIA is the largest trade association in the world for captive insurance. Established in 1985, the association has grown to provide programs that support the captive insurance industry on both the state and federal levels for its 450-plus member companies.
For more information on the
Read the full story at http://www.prweb.com/releases/2013/2/prweb10406728.htm
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