I 
111TH CONGRESS 
2D SESSION 
H. R. 6529 
To amend title 31, United States Code, to provide for a Federal license 
for reinsurers, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
DECEMBER 16, 2010 
Mr. MOORE of Kansas introduced the following bill; which was referred to the 
Committee on Financial Services 
A BILL 
To amend title 31, United States Code, to provide for a 
Federal license for reinsurers, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Federal License for 
Reinsurers Act of 2010’’. 
SEC. 2. AMENDMENTS TO TITLE 31, UNITED STATES CODE. 
Section 313 of title 31, United States Code, is 
amended— 
(1) in subsection (b)— 
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(A) by striking ‘‘The Office’’ and inserting 
the following: 
‘‘(1) LEADERSHIP.—The Office’’; and 
(B) by adding at the end the following new 
paragraph: 
‘‘(2) EMPLOYEES.— 
‘‘(A) NUMBER AND COMPENSATION.—The 
Director shall fix the number of employees of 
the Office and the compensation of such em-
ployees, as necessary to carry out the provisions 
of this section without regard to chapter 51 or 
subchapter III of chapter 53 of title 5. 
‘‘(B) ADDITIONAL
COMPENSATION
AND 
BENEFITS.—Notwithstanding 
subparagraph 
(A), the Director may provide additional com-
pensation and benefits if the same type of com-
pensation or benefits are then being provided by 
any Federal banking agency or, if not then 
being provided, could be provided by any such 
agency under applicable provisions of law or 
regulation. In setting and adjusting the total 
amount of compensation and benefits for em-
ployees of the Office, the Director shall consult, 
and seek to maintain comparability with, the 
Federal banking agencies.’’; 
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(2) in subsection (c)(1)— 
(A) in subparagraph (E), by striking ‘‘sub-
section (r)’’ and inserting ‘‘subsection (s)’’; 
(B) by redesignating subparagraphs (G) 
and (H) as subparagraphs (H) and (I), respec-
tively; and 
(C) by inserting after subparagraph (F) 
the following new subparagraph: 
‘‘(G) with respect to the business of rein-
surance— 
‘‘(i) to license entities to transact the 
business of reinsurance as a national rein-
surer pursuant to subsection (h)(1); 
‘‘(ii) to revoke, suspend, or restrict a 
Federal license pursuant to (h)(1)(B); 
‘‘(iii) to coordinate Federal efforts 
and establish Federal policy on inter-
national matters related to reinsurance, in-
cluding working with international regu-
latory and standard-setting bodies; 
‘‘(iv) to assist the Secretary in enter-
ing into supervisory arrangements author-
ized under subsection (h); 
‘‘(v) to establish and enforce appro-
priate standards and requirements gov-
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erning national reinsurers consistent with 
criteria in subsection (h)(5); 
‘‘(vi) to determine that any State law, 
regulation, or action is preempted as being 
contrary to or inconsistent with the pur-
poses of subsection (h) and this subpara-
graph; 
‘‘(vii) to assess and collect reasonable 
fees from authorized foreign reinsurers for 
reimbursement of costs incurred by the Di-
rector related to supervisory arrangements; 
and 
‘‘(viii) to assess and collect reasonable 
fees from national reinsurers for the reim-
bursement of costs incurred by the Direc-
tor for licensing and examination of na-
tional reinsurers;’’; 
(3) in subsection (f)— 
(A) in paragraph (1), by striking ‘‘A 
State’’ and inserting ‘‘Except as provided in 
subsection (h), a State’’; and 
(B) in paragraph (2)(B), by inserting after 
‘‘insurance measures,’’ the following: ‘‘except as 
provided in subsection (h),’’; 
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(4) in subsection (g), by inserting after ‘‘deter-
mination of inconsistency,’’ the following: ‘‘except as 
provided in subsection (h),’’; 
(5) by redesignating subsections (h), (i), (j), 
(k), (l), (m), (n), (o), (p), (q), (r), and (s) as sub-
sections (i), (j), (k), (l), (m), (n), (o), (p), (q), (r), 
(s), and (t), respectively; 
(6) by inserting after subsection (g) the fol-
lowing new subsection: 
‘‘(h) AUTHORITY
WITH
RESPECT
TO
REINSUR-
ANCE.— 
‘‘(1) LICENSING OF NATIONAL REINSURERS.— 
‘‘(A) LICENSING.— 
‘‘(i) IN GENERAL.—The Director shall 
establish criteria necessary for the licens-
ing and operation of a national reinsurer. 
‘‘(ii) ELIGIBILITY.—A United States 
entity shall be eligible to apply for a Fed-
eral license under this subsection to trans-
act the business of reinsurance upon dem-
onstration to the Director that the entity 
meets the definition of reinsurer under this 
section and all other criteria established by 
the Director. 
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‘‘(iii) 
NON-UNITED
STATES
ENTI-
TIES.—A non-United States entity may ob-
tain a Federal license under this sub-
section through the establishment of a 
United States branch which meets the eli-
gibility requirements under clause (ii) and 
such other regulations as the Director may 
prescribe. 
‘‘(iv) ISSUANCE OF LICENSE.—If the 
Director determines that the applicant has 
satisfied the applicable eligibility require-
ments, the Director shall issue a Federal 
license to the applicant to transact the 
business of reinsurance. 
‘‘(B) REVOCATION, SUSPENSION, OR
RE-
STRICTION OF FEDERAL LICENSE.—The Direc-
tor may revoke, suspend, or restrict a Federal 
license whenever the Director determines that 
the licensed entity is no longer operating in a 
manner consistent with the criteria for licensing 
and operation established by the Director. 
‘‘(C) CONVERSION TO STATE LICENSE.—A 
national reinsurer may convert to a State-li-
censed reinsurer in accordance with applicable 
State law if— 
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