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Risk Retention Reporter
Breaking Story (8/1/2010)
Congress Asks GAO to Study Regulation of RRGs by Non-domiciled States
On July 22nd, Congressional representatives Dennis Moore, Suzanne Kosmas, and John Campbell requested in a letter to Government Accountability Office (GAO) acting comptroller, Gene Dodaro, that the GAO investigate RRG regulation by non-domiciled states. Citing as one of the reasons to initiate this study, the representatives mention that the GAO’s landmark 2005 study did not include any information about the sometimes inconsistent regulation by non-domiciled states.
The letter requests that the GAO study address four things:
- How has the regulation of RRGs changed since the GAO's original report in 2005?
- What is the difference in regulation between domiciled and foreign RRGs?
- What are the costs, in fees and actions, to RRGs in their non-domiciliary states?
- What are the possible federal legislative solutions that could prevent any undue burden on RRGs?
The three representatives that issued the letter to the GAO are all sponsors of the Risk Retention Modernization Act, legislation introduced into Congress earlier this year. One of the primary goals of the bill is to set up an office within the Treasury Department that would act as a mediator between RRGs and state regulation offices.
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