Key takeaways 

• Important preemption provisions affecting reinsurance ceded by U.S. ceding insurers contained in the Nonadmitted Insurance and Reinsurance Reform Act of 2010 (NRRA) become effective today, July 21, 2011. 
• California and New York have taken actions, described in this memo, that acknowledge the impact of NRRA § 531 on their state insurance laws and regulations.