NRRA Not Supposed to Apply to Captives, Says Bill’s Cosponsor

Burlington, VT – The chorus saying captives weren’t intended to be governed by the federal Dodd-Frank law grew larger late last week when U.S. Congressman Scott Garrett (R-NJ) added his voice. Garrett’s voice is particularly important, since he is a primary sponsor and coauthor of the Nonadmitted and Reinsurance Reform Act (NRRA), a key part of the Dodd-Frank Act for many captives.