Senate Joint Resolution No. 22–Senator Amodei

FILE NUMBER........

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

and S. 900 in an effort to reform certain outdated federal laws governing

providers of financial services; and

Whereas, The reformation of those federal laws, many of which were

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

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

their prominence in the modern domestic and global markets; and

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

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

companies, could preempt the jurisdiction of this state:

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

providers of insurance in this state; and

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

purchase insurance from those providers,

without establishing an effective mechanism for the federal exercise of that

authority; and

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

without preempting the authority of this state to regulate providers of

insurance for the protection of its residents; and

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

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

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

therefore, be it

Resolved by the Senate and Assembly of the State of Nevada,

Jointly, That the Nevada Legislature hereby urges Congress to ensure

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

not interfere with the jurisdiction of this state to regulate providers of

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

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

of this resolution to the Vice President of the United States as the presiding

officer of the Senate, the Speaker of the House of Representatives and each

member of the Nevada Congressional Delegation; and be it further

Resolved, That this resolution becomes effective upon passage and

approval.

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