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Leading National Law Firm Anderson Kill & Olick Concludes NRRA Not Intended to Apply to Captive Insurance Companies
Date:2/27/2013

Montpelier, VT (PRWEB) February 27, 2013

One of the premier insurance recovery law firms, Anderson Kill & Olick (AKO), has published a white paper on the federal Nonadmitted and Reinsurance Reform Act (NRRA), a sub-section of the Dodd-Frank Act, concluding that the legislation was not intended to apply to captive insurance companies. It further stated that the ambiguity in the NRRA’s wording, if not clarified, likely will result in unnecessary litigation, inconsistent rulings, and waste of both private and public resources. The independent white paper recently was published in the Bloomberg BNA Daily Tax Report.

AKO’s assessment of the legislation is clear and direct. “A strong case can be made that the NRRA does not apply to captive insurance and an even stronger case can be made that the NRRA was not intended to apply,” said Phil England, Esquire and Head of the Alternative Risk and Captive Insurance Services Practice group at AKO. “Bottom line, captives should not have to move from a domicile because of the NRRA. Congress should amend the law to make clear that the NRAA does not apply to captive insurance companies. In the meantime, the prudent course is to wait for further clarification and not redomesticate from one state to another solely based on this statute.”

Regarding Congressional legislative intent, England suggests, “Legislative intent is very significant in interpreting how a law should be implemented. It is also an important factor in how the courts will rule when litigation occurs. The clarifying statements by two primary architects of the NRRA - former Sub-committee Chair, Judy Biggert and Congressman Sco
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