Primary Regulators of Insurance Vote Act of 2021

To amend the Financial Stability Act of 2010 to include the State insurance commissioner as a voting member of the Financial Stability Oversight Council, and for other purposes. 1. Short title This Act may be cited as the Primary Regulators of Insurance Vote Act of 2021 2. Establishment of State insurance commissioner as a voting member of the Financial Stability Oversight Council Section 111 of the Financial Stability Act of 2010 ( 12 U.S.C. 5321 (1) in subsection (b)— (A) in paragraph (1)— (i) by redesignating subparagraph (J) as subparagraph (K); (ii) in subparagraph (I), by striking and (iii) by inserting after subparagraph (I) the following new subparagraph: (J) a State insurance commissioner, appointed by the President, by and with the advice and consent of the Senate, as described in paragraph (4); and ; and (B) by adding at the end the following new paragraph: (4) State insurance commissioner Before making any appointments pursuant to paragraph (1)(J), the President shall request a list of recommended candidates from the States through the National Association of Insurance Commissioners. The President may appoint a member under paragraph (1)(J) that does not appear on such list. If the National Association of Insurance Commissioners fails to submit such list within 15 business days after the date of the request, the President may appoint a member under paragraph (1)(J) without considering the views of the National Association of Insurance Commissioners. ; and (2) in subsection (c)— (A) in paragraph (1), by inserting , the State insurance commissioner shall serve for a term of 4 years 6 years (B) by amending paragraph (2) to read as follows: (2) Vacancies (A) In general Subject to subparagraph (B), any vacancy on the Council shall be filled in the manner in which the original appointment was made. (B) State insurance commissioner With respect to a vacancy in the membership of the State insurance commissioner serving under subsection (b)(1)(J)— (i) the Federal Vacancy Reform Act ( 5 U.S.C. 3345 (ii) such vacancy shall be filled by a State insurance commissioner, to be designated by a selection process determined by the State insurance commissioners, who shall serve as a nonvoting member of the Council until a successor is appointed and confirmed. ; and (C) in paragraph (4)— (i) by striking independent member insurance members (ii) striking subsection (b)(1)(J) subsection (b)(1)(K) or the State insurance commissioner serving under subsection (b)(1)(J) 3. Repeal of State insurance commissioner as nonvoting member of FSOC (a) In general Section 111(b)(2) of the Financial Stability Act of 2010 ( 12 U.S.C. 5321(b)(2) (b) Conforming amendment Section 111(c)(1) of such Act ( 12 U.S.C. 5321(c)(1) subparagraphs (C), (D), and (E) subparagraphs (C) and (D) 4. Temporary service; transition Notwithstanding the amendments made by this Act, during the period beginning on the date of the enactment of this Act and ending on the date on which the State insurance commissioner is appointed and confirmed pursuant to section 111(b)(1) of the Financial Stability Act of 2010 ( 12 U.S.C. 5321(b)(1) 12 U.S.C. 5321(b)(2)(C) 5. Technical and clarifying amendments The Financial Stability Act of 2010 ( 12 U.S.C. 5311 (1) in section 102(a), by adding at the end the following new paragraph: (8) Council The term Council ; (2) in section 112(a)(2)(D), by striking to monitor monitor (3) in section 154(c)(1)— (A) by striking Center.— The Research Center.— (B) by redesignating subparagraphs (A) through (H) as paragraphs (1) through (8), respectively; and (4) in section 155(a)(2), by striking the comma after subsection (c)

Summary: Primary Regulators of Insurance Vote Act of 2021 This bill establishes a state insurance commissioner as a voting member of the Financial Stability Oversight Council. The member is appointed by the President with the advice and consent of the Senate. Under current law, this member is nonvoting and selected by state insurance commissioners.