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Policyholder Protection Act of 2014
To amend the Federal Deposit Insurance Act to provide for notice to, and input by, State insurance commissioners when requiring an insurance company to serve as a source of financial strength pursuant to such Act.
Summary
This bill amends the Federal Deposit Insurance Act to require that state insurance commissioners be given notice and an opportunity to provide input when federal banking regulators require insurance companies to serve as a source of financial strength for bank subsidiaries. The bill applies existing regulations from the Bank Holding Company Act to insurance companies that directly or indirectly control insured depository institutions, savings and loan holding companies that are insurance companies, and affiliates of insured depository institutions that are insurance companies. It clarifies that when the Federal Reserve Board requires such insurance companies to provide financial support to their bank subsidiaries, state insurance regulators must be consulted under the same process that applies to other bank holding companies. The bill aims to ensure coordination between federal banking regulators and state insurance regulators when financial strength requirements are imposed on insurance companies that own banks.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
- Rep. Posey, Bill [R-FL-8] (R-FL)
4 cosponsors
Actions (3)
- May 20, 2014 Hearings Held by the Subcommittee on Housing and Insurance Prior to Referral. · house
- May 1, 2014 Referred to the House Committee on Financial Services. · house
- May 1, 2014 Introduced in House
Similar bills (6)
Bills with similar text or summary — includes reintroductions across Congresses. Ranked by semantic similarity of the bill text (computed locally); a neutral discovery aid, not a claim the bills are duplicates.
Full text
IN THE HOUSE OF REPRESENTATIVES
May 1, 2014
Mr. Posey introduced the following bill; which was referred to the Committee on Financial Services
A BILL
To amend the Federal Deposit Insurance Act to provide for notice to, and input by, State insurance commissioners when requiring an insurance company to serve as a source of financial strength pursuant to such Act.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the “Policyholder Protection Act of 2014”.
SEC. 2. SOURCE OF STRENGTH.
Section 38A of the Federal Deposit Insurance Act (12 U.S.C. 1831o-
1) is amended—
(1) by redesignating subsections (c), (d), and (e) as subsections (d), (e), and (f), respectively; and
(2) by inserting after subsection (b) the following:
“(c) Authority of State Insurance Regulator.—
“(1) In general.—The provisions of section 5(g) of the Bank Holding Company Act of 1956 (12 U.S.C. 1844(g)) shall apply to a savings and loan holding company that is an insurance company, an affiliate of an insured depository institution that is an insurance company, and to any other company that is an insurance company and that directly or indirectly controls an insured depository institution, to the same extent as such section 5(g) applies to a bank holding company that is an insurance company.
“(2) Rule of construction.—Requiring a bank holding company that is an insurance company, a savings and loan holding company that is an insurance company, an affiliate of an insured depository institution that is an insurance company, or any other company that is an insurance company and that directly or indirectly controls an insured depository institution to serve as a source of financial strength under this section shall be deemed an ‘action of the Board that requires a bank holding company to provide funds or other assets to a subsidiary depository institution’ for purposes of such section 5(g).”. <all>
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