IB 
Union Calendar No. 728 
115TH CONGRESS 
2D SESSION 
H. R. 5059 
[Report No. 115–937] 
To amend the Home Owners’ Loan Act with respect to the registration 
and supervision of insurance savings and loan holding companies, and 
for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
FEBRUARY 15, 2018 
Mr. ROTHFUS (for himself and Mrs. BEATTY) introduced the following bill; 
which was referred to the Committee on Financial Services 
SEPTEMBER 12, 2018 
Additional sponsors: Mr. LUETKEMEYER, Mr. GONZALEZ of Texas, and Mr. 
BUDD 
SEPTEMBER 12, 2018 
Reported with an amendment, committed to the Committee of the Whole 
House on the State of the Union, and ordered to be printed 
[Strike out all after the enacting clause and insert the part printed in italic] 
[For text of introduced bill, see copy of bill as introduced on February 15, 2018] 
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A BILL 
To amend the Home Owners’ Loan Act with respect to 
the registration and supervision of insurance savings and 
loan holding companies, and for other purposes. 
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Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘State Insurance Regula-
tion Preservation Act’’. 
SEC. 2. SUPERVISION OF INSURANCE SAVINGS AND LOAN 
HOLDING COMPANIES. 
(a) DEFINITIONS.—Section 10(a)(1) of the Home 
Owners’ Loan Act (12 U.S.C. 1467a(a)(1)) is amended by 
inserting at the end the following: 
‘‘(K) BUSINESS OF INSURANCE.—The term 
‘business of insurance’ means any activity that 
is regulated in accordance with the relevant 
State insurance law, including the writing of in-
surance and the reinsuring of risks. 
‘‘(L) INSURANCE SAVINGS AND LOAN HOLD-
ING COMPANY.—The term ‘insurance savings and 
loan holding company’ means— 
‘‘(i) a savings and loan holding com-
pany with 75 percent or more of its total 
consolidated assets in an insurance under-
writing company (or insurance under-
writing companies), other than assets asso-
ciated with insurance for credit risk, during 
the 4 most recent consecutive quarters, as 
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calculated in accordance with Generally Ac-
cepted Accounting Principles or the Statu-
tory Accounting Principles in accordance 
with State law; 
‘‘(ii) a company that— 
‘‘(I) was a savings and loan hold-
ing company as of July 21, 2010, and 
through date of enactment of this 
clause; and 
‘‘(II) was not subject to the Basel 
III capital regulation promulgated by 
the Board of Governors of the Federal 
Reserve System and the Comptroller of 
the Currency on October 11, 2013 (78 
Fed. Reg. 62018), because the savings 
and loan holding company held 25 
percent or more of its total consoli-
dated assets in subsidiaries that are 
insurance 
underwriting 
companies 
(other than assets associated with in-
surance for credit risk); or 
‘‘(iii) a top-tier savings and loan hold-
ing company that— 
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‘‘(I) was registered as a savings 
and loan holding company before July 
21, 2010; and 
‘‘(II) is a New York not-for-profit 
corporation formed for the purpose of 
holding the stock of a New York insur-
ance company. 
‘‘(M) 
INSURANCE
UNDERWRITING
COM-
PANY.—The term ‘insurance underwriting com-
pany’ means an entity that is subject to regula-
tion by a State insurance authority. 
‘‘(N) STATE INSURANCE AUTHORITY.—The 
term ‘State insurance authority’ means the chief 
insurance regulatory authority of a State. 
‘‘(O) TOP-TIER SAVINGS AND LOAN HOLDING 
COMPANY.—The term ‘top-tier savings and loan 
holding company’ means the ultimate parent 
company in a savings and loan holding com-
pany structure.’’. 
(b) REGISTRATION.—Section 10(b)(1) of the Home 
Owners’ Loan Act (12 U.S.C. 1467a(b)(1)) is amended by 
inserting at the end the following new sentence: ‘‘A savings 
and loan holding company that is an insurance savings 
and loan holding company shall register as an insurance 
savings and loan holding company.’’. 
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(c) REPORTS.—Section 10(b)(2) of the Home Owners’ 
Loan Act (12 U.S.C. 1467a(b)(2)) is amended by adding 
at the end the following new subparagraph: 
‘‘(D) INSURANCE SAVINGS AND LOAN HOLD-
ING COMPANIES.—The Board, to the fullest extent 
possible, shall request reports and other informa-
tion filed by insurance savings and loan holding 
companies with other Federal or State authori-
ties from such other authorities before requesting 
such reports or information from insurance sav-
ings and loan holding companies.’’. 
(d) BOOKS AND RECORDS.—Section 10(b)(3) of the 
Home Owners’ Loan Act (12 U.S.C. 1467a(b)(3)) is amend-
ed— 
(1) by striking ‘‘Each’’ and inserting the fol-
lowing: 
‘‘(A) IN GENERAL.—Each’’; and 
(2) by inserting at the end the following new 
subparagraph: 
‘‘(B) INSURANCE SAVINGS AND LOAN HOLD-
ING COMPANIES.—The Board, to the fullest extent 
possible, shall align any prescribed recordkeeping 
requirements for insurance savings and loan 
holding companies with the recordkeeping re-
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quirements imposed by State insurance authori-
ties.’’. 
(e) EXAMINATIONS.—Section 10(b)(4)(C) of the Home 
Owners’ Loan Act (12 U.S.C.1467a(b)(4)(C)) is amended— 
(1) in clause (i), by striking the word ‘‘and’’ at 
the end; 
(2) in clause (ii), by striking the period at the 
end and inserting ‘‘; and’’; and 
(3) by adding at the end the following new 
clause: 
‘‘(iii) INSURANCE SAVINGS AND LOAN 
HOLDING COMPANIES.— 
‘‘(I) COORDINATION.—The Board, 
to the fullest extent possible, shall con-
duct examinations of insurance savings 
and loan holding companies in con-
junction with other State and Federal 
authorities in order to minimize the 
potential for duplication and conflict 
between the inspections conducted by 
the Board and the examinations con-
ducted by other State and Federal au-
thorities. 
‘‘(II) SCOPE AND FREQUENCY.— 
Following public notice and comment, 
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the Board shall establish a schedule for 
the frequency and the scope of exami-
nations of insurance savings and loan 
holding companies that is consistent 
with the supervisory framework re-
quired by paragraph (7).’’. 
(f) SUPERVISION.—Section 10(b) of the Home Owners’ 
Loan Act (12 U.S.C. 1467a(b)) is amended by inserting at 
the end the following new paragraph: 
‘‘(7) INSURANCE
SAVINGS
AND
LOAN
HOLDING 
COMPANIES.— 
‘‘(A) TAILORED SUPERVISION.—The Board, 
by rule, shall establish a supervisory framework 
for insurance savings and loan holding compa-
nies that— 
‘‘(i) is tailored to the unique risks, op-
erations, and activities of insurance savings 
and loan holding companies; and 
‘‘(ii) to the fullest extent possible, and 
consistent with the safe and sound oper-
ation of insurance savings and loan holding 
companies, does not unnecessarily duplicate 
the supervision of insurance underwriting 
companies by State insurance authorities. 
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‘‘(B) REVIEW
OF
SUPERVISORY
GUID-
ANCE.—Following public notice and comment, 
the Board shall review and revise supervisory 
policy letters and guidance applicable to insur-
ance savings and loan holding companies to en-
sure that such letters and guidance are not in-
consistent with the supervisory framework re-
quired by this paragraph.’’. 
SEC. 3. ASSESSMENTS AND FEES FOR INSURANCE SAVINGS 
AND LOAN HOLDING COMPANIES. 
Section 11(s) of the Federal Reserve Act (12 U.S.C. 
248(s)), which relates to assessments and fees, is amended 
by inserting at the end the following new paragraph: 
‘‘(4) EXCLUDED ASSETS.—For purposes of para-
graph (2)(B), the total consolidated assets of an in-
surance savings and loan holding company, as de-
fined in section 10(a)(1)(L) of the Home Owners’ 
Loan Act (12 U.S.C. 1467a(a)(1)(L)), shall not in-
clude assets attributable to the business of insurance 
conducted by such company or any affiliate of such 
company, other than assets associated with insurance 
for credit risk.’’. 
SEC. 4. IMPLEMENTATION. 
(a) IMPLEMENTATION
OF
SUPERVISORY
FRAME-
WORK.—The Board shall establish the supervisory frame-
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work required by section 10(b)(7) of the Home Owners’ 
Loan Act (12 U.S.C. 1467a(b)(7)), as added by this Act, 
within 24 months of the date of enactment of this Act. 
(b) REVIEW OF SUPERVISORY GUIDANCE.—The Board 
shall complete the review of supervisory policy letters and 
policy guidance required by section 10(b)(7) of the Home 
Owners’ Loan Act (12 U.S.C. 1467a(b)(7)), as added by this 
Act, within 30 months of the date of enactment of this Act. 
(c) REPORT TO CONGRESS.—The Board, no later than 
36 months after the date of enactment of this Act, shall sub-
mit a report to the Committee on Banking, Housing, and 
Urban Affairs of the Senate and the Committee on Finan-
cial Services of the House of Representatives on the imple-
mentation of this Act. 
(d) BOARD DEFINED.—As used in this section, the 
term ‘‘Board’’ means the Board of Governors of the Federal 
Reserve System. 
SEC. 5. RELATIONSHIP TO OTHER LAWS. 
This Act and the amendments made by this Act shall 
not limit any authority over insurance savings and loan 
holding companies (as defined under section 10(a)(1) of the 
Home Owners’ Loan Act) that is provided by a Federal law 
other than this Act. 
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Union Calendar No. 728 
115TH CONGRESS 
2D SESSION 
H. R. 5059 
[Report No. 115–937] 
A BILL 
To amend the Home Owners’ Loan Act with re-
spect to the registration and supervision of insur-
ance savings and loan holding companies, and for 
other purposes. 
SEPTEMBER 12, 2018 
Reported with an amendment, committed to the Com-
mittee of the Whole House on the State of the Union, 
and ordered to be printed 
VerDate Sep 11 2014 
02:36 Sep 13, 2018
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