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Insurance Consumer Protection and Solvency Act of 2013
To exclude insurance companies from the Federal Depository Insurance Corporation's ``orderly liquidation authority''.
Summary
This bill amends the Dodd-Frank Wall Street Reform and Consumer Protection Act to exclude insurance companies from the Federal Depository Insurance Corporation's orderly liquidation authority. Under current law, the FDIC can wind down certain failing financial companies; this bill removes insurance companies from that authority. Instead, insurance company failures would remain under the jurisdiction of state insurance regulators who handle insurance company insolvencies. The bill also excludes insurance companies that are already subject to state-level assessments from paying into the FDIC liquidation fund. The effect is to shift the regulation and resolution of insurance companies from federal FDIC oversight back to state insurance authorities.
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)
2 cosponsors
- Rep. Sinema, Kyrsten [D-AZ-9] (D-AZ)
- Rep. Wagner, Ann [R-MO-2] (R-MO)
Actions (3)
- May 20, 2014 Hearings Held by the Subcommittee on Housing and Insurance Prior to Referral. · house
- Feb 8, 2013 Referred to the House Committee on Financial Services. · house
- Feb 8, 2013 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
February 8, 2013
Mr. Posey introduced the following bill; which was referred to the Committee on Financial Services
A BILL
To exclude insurance companies from the Federal Depository Insurance Corporation’s “orderly liquidation authority”.
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 “Insurance Consumer Protection and Solvency Act of 2013”.
SEC. 2. LIQUIDATION AUTHORITY.
(a) Definition of Financial Company.—Clause (iii) of section 201(a)(11)(B) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 5381(a)(11)(B)(iii)) is amended by inserting “an insurance company or” after “other than”.
(b) Treatment of Insurance Companies and Subsidiaries.—Subsection
(e) of section 203 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 5383(e)) is amended—
(1) in paragraph (1)—
(A) by striking “if an insurance company is a covered financial company or a subsidiary or affiliate of a covered financial company,”; and
(B) by striking “such insurance” and inserting “an insurance”; and
(2) by striking paragraph (3).
(c) Assessments.—Paragraph (1) of section 210(o) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 5390(o)(1)) is amended by inserting “, excluding an insurance company subject to assessment pursuant to applicable State law to cover (or reimburse payments made to cover) the costs of rehabilitation, liquidation, or other State insolvency proceeding with respect to 1 or more insurance companies,” after “$50,000,000,000” each place such term appears. <all>
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