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
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 U.S. Congressman Scott Garrett (R-NJ) Montpelier, VT (PRWEB) February 07, 2013 U.S. Congressman Scott Garrett (R-NJ), the co-author and one of the principal sponsors of the Nonadmitted and Reinsurance Reform Act (NRRA) of the Dodd-Frank Act addressed the Speaker of the U.S. House of Representatives on January 6 to state unequivocally that the legislation was never intended to apply to captive insurance. 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 Congress. In drafting this legislation, it was never contemplated to have the captive industry fall under the NRRA”. He went on to state, “At no time was the legislation’s application to the captive i Read more text