IIB 
115TH CONGRESS 
2D SESSION 
H. R. 5059 
IN THE SENATE OF THE UNITED STATES 
SEPTEMBER 17, 2018 
Received; read twice and referred to the Committee on Banking, Housing, and 
Urban Affairs 
AN ACT 
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. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
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SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘State Insurance Regu-
lation 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) 
DOMICILE.—The 
term 
‘domicile’ 
means the State in which an insurance under-
writing company or the holding company for 
such company is incorporated, chartered, or or-
ganized. 
‘‘(L) BUSINESS OF INSURANCE.—The term 
‘business of insurance’ means any activity that 
is regulated in accordance with the relevant 
State insurance laws and regulations, including 
the writing of insurance and the reinsuring of 
risks. 
‘‘(M) INSURANCE
SAVINGS
AND
LOAN 
HOLDING COMPANY.—The term ‘insurance sav-
ings 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-
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writing companies), other than assets asso-
ciated with insurance for credit risk, dur-
ing the 4 most recent consecutive quarters, 
as calculated in accordance with Generally 
Accepted Accounting Principles or the 
Statutory Accounting Principles in accord-
ance 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 promul-
gated by the Board of Governors of 
the Federal Reserve System and the 
Comptroller of the Currency on Octo-
ber 11, 2013 (78 Fed. Reg. 62018), 
because the savings and loan holding 
company held 25 percent or more of 
its total consolidated assets in subsidi-
aries that are insurance underwriting 
companies (other than assets associ-
ated with insurance for credit risk); or 
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‘‘(iii) a top-tier savings and loan hold-
ing company that— 
‘‘(I) was registered as a savings 
and loan holding company before July 
21, 2010; and 
‘‘(II) is a New York not-for-prof-
it corporation formed for the purpose 
of holding the stock of a New York in-
surance company. 
‘‘(N) INSURANCE
UNDERWRITING
COM-
PANY.—The term ‘insurance underwriting com-
pany’ means an insurer that is subject to regu-
lation by a State insurance authority of the in-
surer’s domicile. 
‘‘(O) STATE INSURANCE AUTHORITY.—The 
term ‘State insurance authority’ means the 
State insurance authority of the State in which 
an insurance underwriting company or holding 
company for such company is domiciled. 
‘‘(P) TOP-TIER SAVINGS AND LOAN HOLD-
ING COMPANY.—The term ‘top-tier savings and 
loan holding company’ means the ultimate par-
ent company in a savings and loan holding com-
pany structure.’’. 
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shared with other Federal or State authori-
ties.’’. 
(d) BOOKS AND RECORDS.—Section 10(b)(3) of the 
Home Owners’ Loan Act (12 U.S.C. 1467a(b)(3)) is 
amended— 
(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 
HOLDING COMPANIES.—The Board, to the full-
est extent possible, shall align any prescribed 
recordkeeping requirements for an insurance 
savings and loan holding company with the rec-
ordkeeping requirements imposed by the State 
insurance authority of such company and any 
insurance underwriting company that is a sub-
sidiary of such company.’’. 
(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; 
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(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 coordinate examinations of an 
insurance savings and loan holding 
company in conjunction with the State 
insurance authority of such company 
and any insurance underwriting com-
pany that is a subsidiary of such com-
pany and other State and Federal au-
thorities in order to minimize the po-
tential for duplication and conflict be-
tween the examinations 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, 
the Board shall establish a schedule 
for the frequency and the scope of ex-
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aminations of insurance savings and 
loan holding companies that is con-
sistent with the supervisory frame-
work required by paragraph (7).’’. 
(f) SUPERVISION.—Section 10(b) of the Home Own-
ers’ Loan Act (12 U.S.C. 1467a(b)) is amended by insert-
ing 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 hold-
ing companies that— 
‘‘(i) is tailored to the unique risks, op-
erations, and activities of insurance sav-
ings 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 dupli-
cate the supervision of insurance under-
writing companies by the State insurance 
authorities for such companies or insur-
ance underwriting companies that are sub-
sidiaries of such companies. 
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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 
paragraph (2)(B), the total consolidated assets of an 
insurance 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 insur-
ance 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 let-
ters 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 enact-
ment of this Act. 
(c) REPORT TO CONGRESS.—The Board, no later 
than 36 months after the date of enactment of this Act, 
shall submit a report to the Committee on Banking, Hous-
ing, and Urban Affairs of the Senate and the Committee 
on Financial Services of the House of Representatives on 
the implementation of this Act. 
(d) BOARD DEFINED.—As used in this section, the 
term ‘‘Board’’ means the Board of Governors of the Fed-
eral 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 Fed-
eral law other than the Home Owners’ Loan Act. 
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SEC. 6. RULEMAKING AUTHORITY. 
The Board may issue regulations and orders as may 
be necessary to— 
(1) administer and carry out this Act and the 
amendments made by this Act; and 
(2) prevent evasions of this Act and the amend-
ments made by this Act. 
SEC. 7. RULE OF CONSTRUCTION. 
Nothing in this Act or the amendments made by this 
Act may be construed to affect the authority of the Board 
of Governors of the Federal Reserve System over any sub-
sidiary of an insurance savings and loan holding company 
that is not an insurance underwriting company (as such 
terms are defined, respectively, under section 10(a)(1) of 
the Home Owners’ Loan Act). 
Passed the House of Representatives September 12, 
2018. 
Attest: 
KAREN L. HAAS, 
Clerk. 
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