Federal and State Reinsurance Regulatory Update

[Editor's note: Karen A. Benson is an associate in the Jorden Burt's Miami office. She practices in the securities and insurance areas generally and has experience advising life insurance companies, broker-dealers, investment advisers, investment companies, and third-party administrators on federal and state compliance and regulatory matters.]

Federal Reinsurance H.R. 4944, Siding with America's Patients Act was referred on April 30, 2010 to the Subcommittee on Health, Employment, Labor, and Pensions. The proposed bill, as it relates to reinsurance, amends the Internal Revenue Code to allow a tax credit for qualified health insurance costs to residents of a State that implements …