The Non-Admitted and Reinsurance Reform Act, part of the Dodd-Frank Act, is a federal effort to streamline state regulation of U.S. reinsurers. The reinsurance section of the NRRA provides in relevant part that: (1) the cedent’s domiciliary regulator is the sole decision maker of that company’s credit for reinsurance; (2) states cannot apply their insurance laws on an extraterritorial basis; and (3) the reinsurer’s domiciliary regulator is the sole regulator of its solvency.