EXPLANATION – Matter in bolded italics is new; matter between brackets [omitted material] is material to be omitted. Green numbers along left margin indicate location on the printed bill (e.g., 5-15 indicates page 5, line 15).

1-1 Whereas, Congress is currently considering the enactment of H.R. 10

1-2 and S. 900 in an effort to reform certain outdated federal laws governing

1-3 providers of financial services; and

1-4 Whereas, The reformation of those federal laws, many of which were

1-5 enacted in response to the Great Depression, is necessary and appropriate

1-6 to ensure that providers of financial services in this country can maintain

1-7 their prominence in the modern domestic and global markets; and

1-8 Whereas, The provisions of H.R. 10 and S. 900, both of which provide

1-9 for the facilitation of affiliation among banks, securities firms and insurance

1-10 companies, could preempt the jurisdiction of this state:

1-11 1. To ensure the solvency and to regulate the trade practices of various

1-12 providers of insurance in this state; and

1-13 2. To provide adequate protection to the residents of this state who

1-14 purchase insurance from those providers,

1-15 without establishing an effective mechanism for the federal exercise of that

1-16 authority; and

1-17 Whereas, The purposes of H.R. 10 and S. 900 can be accomplished

1-18 without preempting the authority of this state to regulate providers of

1-19 insurance for the protection of its residents; and

2-1 Whereas, This state currently has an effective system of laws to

2-2 monitor and ensure the financial stability of providers of insurance and to

2-3 protect the residents of this state from unfair trade practices; now,

2-4 therefore, be it

2-5 Resolved by the Senate and Assembly of the State of Nevada,

2-6 Jointly, That the Nevada Legislature hereby urges Congress to ensure

2-7 that the provisions of H.R. 10, S. 900 and any similar federal legislation do

2-8 not interfere with the jurisdiction of this state to regulate providers of

2-9 insurance for the protection of its residents; and be it further

2-10 Resolved, That the Secretary of the Senate prepare and transmit a copy

2-11 of this resolution to the Vice President of the United States as the presiding

2-12 officer of the Senate, the Speaker of the House of Representatives and each

2-13 member of the Nevada Congressional Delegation; and be it further

2-14 Resolved, That this resolution becomes effective upon passage and

2-15 approval.