ican Institute for CPCU/Insurance In-
stitute of America; 
(BB) a designation as an Asso-
ciate in Risk Management (ARM) 
issued by the American Institute for 
CPCU/Insurance Institute of America; 
(CC) a designation as Certified 
Risk Manager (CRM) issued by the 
National Alliance for Insurance Edu-
cation & Research; 
(DD) a designation as a RIMS 
Fellow (RF) issued by the Global Risk 
Management Institute; or 
(EE) any other designation, cer-
tification, or license determined by a 
State insurance commissioner or other 
State insurance regulatory official or 
entity to demonstrate minimum com-
petency in risk management; 
(ii)(I) has at least seven years of ex-
perience in risk financing, claims adminis-
tration, loss prevention, risk and insurance 
coverage analysis, or purchasing commer-
cial lines of insurance; and
(II) has any one of the designations 
specified in subitems (AA) through (EE) 
of clause (i)(II)(bb); 
(iii) has at least 10 years of experi-
ence in risk financing, claims administra-
tion, loss prevention, risk and insurance 
coverage analysis, or purchasing commer-
cial lines of insurance; or 
(iv) has a graduate degree from an 
accredited college or university in risk 
management, business administration, fi-
nance, economics, or any other field deter-
mined by a State insurance commissioner 
or other State regulatory official or entity 
to demonstrate minimum competence in 
risk management. 
(10) PREMIUM TAX.—The term ‘‘premium tax’’ 
means, with respect to surplus lines or independently 
procured insurance coverage, any tax, fee, assess-
ment, or other charge imposed by a State on an in-
sured based on any payment made as consideration 
for an insurance contract for such insurance, includ-
ing premium deposits, assessments, registration fees, 
and any other compensation given in consideration 
for a contract of insurance.
(11) SURPLUS LINES BROKER.—The term ‘‘sur-
plus lines broker’’ means an individual, firm, or cor-
poration which is licensed in a State to sell, solicit, 
or negotiate insurance on properties, risks, or expo-
sures located or to be performed in a State with 
nonadmitted insurers. 
(12) STATE.—The term ‘‘State’’ includes any 
State of the United States, the District of Columbia, 
the Commonwealth of Puerto Rico, Guam, the 
Northern Mariana Islands, the Virgin Islands, and 
American Samoa. 
TITLE II—REINSURANCE 
SEC. 201. REGULATION OF CREDIT FOR REINSURANCE AND 
REINSURANCE AGREEMENTS. 
(a) CREDIT
FOR REINSURANCE.—If the State of 
domicile of a ceding insurer is an NAIC-accredited State, 
or has financial solvency requirements substantially simi-
lar to the requirements necessary for NAIC accreditation, 
and recognizes credit for reinsurance for the insurer’s 
ceded risk, then no other State may deny such credit for 
reinsurance. 
(b) 
ADDITIONAL
PREEMPTION
OF 
EXTRATERRITORIAL APPLICATION OF STATE LAW.—In 
addition to the application of subsection (a), all laws, regu-
lations, provisions, or other actions of a State that is not
the domiciliary State of the ceding insurer, except those 
with respect to taxes and assessments on insurance com-
panies or insurance income, are preempted to the extent 
that they— 
(1) restrict or eliminate the rights of the ceding 
insurer or the assuming insurer to resolve disputes 
pursuant to contractual arbitration to the extent 
such contractual provision is not inconsistent with 
the provisions of title 9, United States Code; 
(2) require that a certain State’s law shall gov-
ern the reinsurance contract, disputes arising from 
the reinsurance contract, or requirements of the re-
insurance contract; 
(3) attempt to enforce a reinsurance contract 
on terms different than those set forth in the rein-
surance contract, to the extent that the terms are 
not inconsistent with this title; or 
(4) otherwise apply the laws of the State to re-
insurance agreements of ceding insurers not domi-
ciled in that State. 
SEC. 202. REGULATION OF REINSURER SOLVENCY. 
(a) DOMICILIARY STATE REGULATION.—If the State 
of domicile of a reinsurer is an NAIC-accredited State or 
has financial solvency requirements substantially similar 
to the requirements necessary for NAIC accreditation,