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Solari Report - Notes on
Wall Street Reform and Consumer Protection Act
of 2009 (HR 4173)
Secretary to allow funds to be administered by state that has an existing program
determined to provide substantially similar assistance. Each state receiving funds
must establish preferences for development of affordable housing for properties
assisted with these funds.
Prohibition of distribution to organization convicted of violating federal law relating
to election for Federal office.
10002 Additional assistance for neighborhood stabiization program
Secretary to transfer $1B to the Secretary of HUD for use for assistance to states and
local governments for redevelopment of abandoned and foreclosed homes.
TITLE IX -- NONADMITTED AND REINSURANCE REFORM ACT
Subtitle A – Nonadmitted Insurance [insurance for unusual risks, usually used in the
commercial context, provided by a company that is not “admitted” in the insured’s home
state and not covered by state insurance funds]
10101 Reporting, payment and allocation of premium taxes
Only an insured’s state can levy premium taxes for nonadmitted insurance. States
may enter into a compact whereby premium taxes paid to insured’s home state are
allocated among the states. Congress intends that each state adopt nationwide
uniform requirements, forms and procedures (like an interstate compact) that
provides for reporting, payment, collection and allocation of premium taxes for
nonadmitted insurance consistent with this section. To facilitate the payment of
premium taxes among states, insured’s home state may require surplus lines brokers
and insureds who have independently procured insurance to annually file tax
allocation reports with the insured’s home state detailing the portion of premiums
attributable to properties, risks and exposures located in each state.
10102 Regulation of non-admitted insurance by insured’s home state
No state other than insured’s home state may require licensure of surplus lines
broker in order to sell insurance to insured.
Preemption of state law that purport to regulate nonadmitted insurance for insured
whose home state is another state.
10103 Participation in National Producer Database
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