PlainBillCongress, translated.Legislation. Context. Public interest.Referred to the Subcommittee on Insurance, Housing and Community Opportunity.
Congressional Research Service
Version 00 · Introduced in House · Jun 3, 2011
Risk Retention Modernization Act of 2011 - Amends the Liability Risk Retention Act of 1986 to require the Director of the Federal Insurance Office to: (1) report periodically to the President and Congress on the extent of state compliance with the Act's prohibition against state regulation of risk retention and purchasing groups that are not domiciliaries of the state; and (2) issue certain corporate governance standards, meeting specified criteria, for risk retention groups.
Extends the coverage of the Act to risk retention groups offering commercial property insurance. Applies to commercial property insurance the exemption of purchasing groups from state law.
Revises procedures for: (1) submitting financial documents to state insurance commissioners, and (2) mandatory disclosures.
Imposes a fiduciary duty upon the board of directors of a risk retention group to operate in the best interests of the group.
Redesignates the Act as the Risk Retention Act.
People & committees
Rep. Campbell, John [R-CA-48] · R–CA
Legislative record
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Referred to the Subcommittee on Insurance, Housing and Community Opportunity.
Referred to the House Committee on Financial Services.
Introduced in House
Introduced in House
Primary sources
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Source last updated: Aug 14, 2025. Consult Congress.gov for the current record.
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