(2) 
COMMUNITY
DEVELOPMENT
INVEST-
MENT.—The term ‘‘community development invest-
ment’’ means investment in activities that revitalize 
and stabilize low- and moderate-income neighbor-
hoods and directly benefit low- and moderate-income 
individuals, including investment in affordable hous-
ing, community services, small-business development, 
and economic development. 
(3) INSURANCE COMPANY.—The term ‘‘insur-
ance company’’ includes any person engaged in the 
business of insurance to the extent of such activities. 
(4) SECRETARY.—The term ‘‘Secretary’’ means 
the Secretary of Housing and Urban Development. 
(c) PROGRAM.— 
(1) IN GENERAL.—The Secretary, in consulta-
tion with the Secretary of the Treasury, shall de-
velop a program to ensure that insurance companies 
meet the obligations described in subsection (a) and 
the requirements of the program under this sub-
section. 
(2) FACTORS TO BE INCLUDED.— 
(A) CUSTOMER
EVALUATION.—The pro-
gram shall include, as appropriate, a method 
for evaluating an insurance company’s record of 
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helping to meet the insurance needs of its as-
sessment area, including— 
(i) the number and distribution of 
customers throughout the community, in-
cluding minority and low- and moderate-in-
come customers, and the dollar amounts of 
the insurance policies held by such cus-
tomers; 
(ii) the number and distribution of 
customers residing in minority and low- 
and moderate-income neighborhoods and 
the dollar amounts of the insurance poli-
cies held by such customers; and 
(iii) the extent to which the company 
has adopted innovative and flexible mar-
keting methods and products that facilitate 
the sale of insurance on a nondiscrim-
inatory basis to minority and low- and 
moderate-income customers. 
(B) COMMUNITY
DEVELOPMENT
INVEST-
MENTS.—The program shall include, as appro-
priate, a method for evaluating an insurance 
company’s record of community development in-
vestment in each assessment area, including— 
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(i) the number and dollar amount of 
community development investments in the 
assessment area; and 
(ii) the responsiveness of the insur-
ance company, through community devel-
opment investments, to the credit, capital, 
and community development needs of the 
assessment area, including low- and mod-
erate-income neighborhoods. 
(C) SERVICE
PERFORMANCE.—The pro-
gram shall include, as appropriate, a method 
for evaluating an insurance company’s record of 
providing access to insurance services in each 
assessment area, including— 
(i) the distribution of the insurance 
company’s retail offices by income level 
and minority level of census tract and the 
range of services offered by retail offices 
across census tracts by income level and 
minority level; 
(ii) the company’s record of opening 
or closing retail offices or affiliating with 
agents in the assessment area; 
(iii) the extent to which the insurance 
company has adopted effective alternate 
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servicing systems in minority and low- and 
moderate-income neighborhoods, such as 
providing the means for minority and low- 
and moderate-income individuals to gain 
electronic access to the company at work-
places, community centers, and similar lo-
cations in minority and low- and moderate- 
income neighborhoods; and 
(iv) the extent to which the insurance 
company has provided insurance education 
and other insurance services, such as fi-
nancial counseling classes, in minority and 
low- and moderate-income neighborhoods 
in the assessment areas. 
(3) RATING.— 
(A) IN GENERAL.—The program shall pro-
vide for— 
(i) an evaluation and an initial rating 
of the performance of each insurance com-
pany in meeting the obligation established 
under subsection (a) in each assessment 
area of the company; and 
(ii) an overall rating, based on the ini-
tial ratings pursuant to clause (i) of the 
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overall achievement of the insurance com-
pany in meeting such obligation. 
(B) RATING CATEGORIES.—The rating cat-
egories used in rating the performance of any 
insurance 
company 
shall 
include 
‘‘Out-
standing’’, ‘‘High Satisfactory’’, ‘‘Satisfactory’’, 
‘‘Low Satisfactory’’, ‘‘Needs-to-Improve’’, and 
‘‘Substantial Noncompliance’’ or such other cat-
egories as the Secretary may establish by regu-
lation. 
(C) TREATMENT
OF
INSURANCE
PRAC-
TICES WITH NEGATIVE IMPACTS.—In the case 
of any insurance company which the Secretary 
determines has engaged in practices which have 
a negative impact in any assessment area of the 
company or has otherwise engaged in any prac-
tice or provided any service in a manner which 
unlawfully discriminates against any person or 
against any minority or low- or moderate-in-
come neighborhood, the Secretary— 
(i) may not take any such practice 
into account in assessing the extent to 
which such company has met its obligation 
under subsection (a); and 
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(ii) shall reduce the rating that would 
otherwise obtain under subparagraph (A) 
with respect to such company after consid-
eration of the extent of such negative or 
discriminatory practice or service. 
(D) 
MAINTENANCE
OF
CERTAIN 
RECORDS.—For purposes of determining wheth-
er an insurance company engages in any prac-
tice or service described in subparagraph (B), 
the Secretary may require, by regulation, insur-
ance companies to maintain records of the 
terms and conditions at which insurance prod-
ucts and services were provided by the company 
and the terms and conditions at which such in-
surance products or services were offered by the 
company even though no transaction occurred. 
(E) IMPROVEMENT PLAN.— 
(i) IN GENERAL.—Whenever an insur-
ance company receives a rating of ‘‘low 
satisfactory’’ or lower in any assessment 
area, the company shall submit a improve-
ment plan, subject to public notice and 
comment, to the Secretary. 
(ii) CONTENTS
OF
PLAN.—Any im-
provement plan submitted to the Secretary 
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by an insurance company pursuant to 
clause (i) shall describe how the institution 
intends to improve its performance in any 
assessment area where the company re-
ceived a rating of ‘‘low satisfactory’’ or 
lower. 
(iii) REVIEW
OF
PLAN.—The Sec-
retary shall review any improvement sub-
mitted under clause (i) by an insurance 
company and either approve the plan or 
send it back to the company for revisions. 
(iv) QUARTERLY REPORTS.—After the 
Secretary approves a improvement plan 
submitted by an insurance company under 
clause (i), the company shall submit re-
ports and data on a quarterly basis so that 
the Secretary and the general public can 
monitor performance. 
(v) 
ADDITIONAL
LIMITATIONS.—If 
any insurance company receives a rating of 
‘‘Needs-to-improve’’ or ‘‘Substantial non-
compliance’’ in any assessment area, the 
Secretary may not accept or approve any 
application by such insurance company or 
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any merger applications involving such 
company. 
(vi) CONSIDERATION
OF
PERFORM-
ANCE IN CERTAIN REVIEWS.—If any insur-
ance company receives a rating of ‘‘low 
satisfactory’’ rating in any assessment 
area, the Secretary shall consider the 
progress in meeting the goals described in 
the improvement plan as an integral factor 
in reviews of any application by such insur-
ance company or any merger applications 
involving such company. 
(d) CONSIDERATION
OF
INSURANCE
COMPANY’S 
RATING.— 
(1) REVIEW OF RATING.—At least once in each 
2-year period beginning after the date of the enact-
ment of this Act, the Secretary shall— 
(A) conduct an examination of and assign 
ratings to each insurance company under this 
section; 
(B) provide opportunity for public com-
ment on such rating; and 
(C) review changes in the community rein-
vestment performance of such insurance com-
pany since the last overall rating and the likely 
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future community reinvestment performance of 
such insurance company. 
(2) NOTIFICATION
OF
UNSATISFACTORY
PER-
FORMANCE.—If, in conjunction with a review pursu-
ant to paragraph (1), the Secretary determines that 
an insurance company has failed to meet the com-
pany’s obligations described in subsection (a) and 
the requirements of the program under this sub-
section or failed to make satisfactory improvements 
in meeting such obligations and requirements, the 
Secretary shall notify the insurance company and 
each appropriate State insurance regulator of such 
determination, describing the conditions giving rise 
to the notice. 
(3) AGREEMENT TO CORRECT CONDITIONS RE-
QUIRED.—Not later than 45 days after the date of 
receipt by an insurance company of a notice given 
under paragraph (2) (or such additional period as 
the Secretary may permit), the insurance company 
shall execute an agreement, based on an improve-
ment plan, with the Secretary to comply with the ob-
ligations and requirements applicable to the insur-
ance company under this section. 
(4) SECRETARY
MAY
IMPOSE
LIMITATIONS.— 
Until the conditions described in a notice to an in-
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surance company under paragraph (2) are corrected, 
the Secretary may impose such limitations on the ex-
tent to which mortgage loans secured by real prop-
erty insured by such insurance company may be ac-
quired by the Federal Home Mortgage Corporation, 
the Federal National Mortgage Association, or the 
Government National Mortgage Association, as the 
Secretary determines to be appropriate under the 
circumstances and consistent with the purposes of 
this section. 
(5) FAILURE TO CORRECT.—If the conditions 
described in a notice to an insurance company under 
paragraph (2) are not corrected within 180 days 
after the date of receipt by the insurance company 
of a notice under paragraph (2), the Secretary 
shall— 
(A) prohibit the Federal Home Mortgage 
Corporation, the Federal National Mortgage 
Association, and the Government National 
Mortgage Association from acquiring any mort-
gage loan secured by real property insured by 
such insurance company; 
(B) publish notice of such failure to cor-
rect in the Federal Register; and 
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(C) notify each appropriate State insur-
ance regulator of such failure to correct. 
(6) CONSULTATION.—In taking any action 
under this subsection, the Secretary shall consult 
with all relevant Federal and State regulatory agen-
cies and authorities. 
(e) HEALTH AND LIFE INSURANCE LINES NOT IN-
CLUDED.—This section and section 108 shall not apply 
to life or health lines of insurance or to insurance compa-
nies that provide only life or health insurance products. 
SEC. 108. SATISFACTORY RATINGS REQUIRED BY SECURI-
TIES COMPANY, MORTGAGE BANK, AND IN-
SURANCE COMPANY AFFILIATES OF FINAN-
CIAL HOLDING COMPANIES. 
(a) IN GENERAL.—Section 4(l)(1) of the Bank Hold-
ing Company Act of 1956 (12 U.S.C. 1843(l)(1)) is 
amended— 
(1) by striking ‘‘and’’ at the end of subpara-
graph (B); 
(2) by redesignating subparagraph (C) as sub-
paragraph (F); and 
(3) by inserting after subparagraph (B) the fol-
lowing new subparagraphs: 
‘‘(C) all of the securities company affiliates 
of the bank holding company have a satisfac-
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tory rating of meeting community needs under 
section 104 of the Community Reinvestment 
Modernization Act of 2007; 
‘‘(D) all of the mortgage bank affiliates of 
the bank holding company have a satisfactory 
rating of meeting community needs under sec-
tion 106 of the Community Reinvestment Mod-
ernization Act of 2007; 
‘‘(E) all of the insurance company affili-
ates of the bank holding company have a satis-
factory rating of meeting community needs 
under section 107 of the Community Reinvest-
ment Modernization Act of 2007; and’’. 
(b) TECHNICAL AND CONFORMING AMENDMENTS.— 
(1) Section 5(a) of the Bank Holding Company 
Act of 1956 (12 U.S.C. 1844(a)) is amended by 
striking ‘‘section 4(l)(1)(C)’’ and inserting ‘‘section 
4(l)(1)(F)’’. 
(2) Section 8(c)(3)(A) of the International 
Banking Act of 1978 (12 U.S.C. 3106(c)(3)(A)) is 
amended by striking ‘‘section 4(l)(1)(C)’’ and insert-
ing ‘‘section 4(l)(1)(F)’’. 
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TITLE II—DATA DISCLOSURE 
REQUIREMENTS 
Subtitle A—Disclosure of Insurance 
Availability and Insurer Invest-
ment Information 
SEC. 201. SHORT TITLE. 
This title may be cited as the ‘‘Insurance Disclosure 
Act’’. 
SEC. 202. ESTABLISHMENT OF GENERAL REQUIREMENTS 
TO SUBMIT INFORMATION. 
(a) IN GENERAL.—The Secretary of Housing and 
Urban Development shall, by regulation, establish require-
ments for insurers to compile and submit information to 
the Secretary for each annual reporting period, in accord-
ance with this title. 
(b) CONSULTATION.—In establishing the require-
ments for the submission of information under this title, 
the Secretary shall consult with Federal agencies having 
appropriate expertise, the National Association of Insur-
ance Commissioners, State insurance regulators, statis-
tical agents, representatives of small businesses, rep-
resentatives of insurance agents (including minority insur-
ance agents), representatives of property and casualty in-
surers, and community, consumer, and civil rights organi-
zations, as appropriate. 
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(c) HEALTH AND LIFE INSURANCE LINES NOT IN-
CLUDED.—This title shall not apply to life or health lines 
of insurance or to insurers that provide only life or health 
insurance products. 
SEC. 203. REPORTING OF NONCOMMERCIAL INSURANCE IN-
FORMATION. 
(a) IN GENERAL.—The requirements established pur-
suant to section 202 to carry out this section shall— 
(1) be designed to ensure that information is 
submitted and compiled under this section as may be 
necessary to permit analysis and comparison of— 
(A) the availability and affordability of in-
surance coverage and the quality or type of in-
surance coverage, by census tract, including 
low- and moderate-income neighborhoods, and 
the race and gender of policyholders; and 
(B) the location of the principal place of 
business of insurance agents, and the location 
of the principal place of business of insurance 
agents terminated, by census tract, including 
low- and moderate-income neighborhoods; and 
(2) specify the data elements required to be re-
ported under this section and require uniformity in 
the definitions of the data elements. 
(b) INSURERS.— 
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(1) AGGREGATE
INFORMATION.—The regula-
tions issued under section 203 shall require that 
each insurer for a designated line of insurance under 
subparagraph (A) or (B) of section 210(a)(1) shall 
compile and submit to the Secretary, for each an-
nual reporting period— 
(A) the total number of policies issued in 
such line, total exposures covered by such poli-
cies, and total amount of premiums for such 
policies, by designated line and by census tract, 
including low- and moderate-income neighbor-
hoods, in which the insured risk is located; 
(B) the total number of cancellations and 
nonrenewals (expressed in terms of policies or 
exposures, as determined by the Secretary), by 
designated line and by census tract, including 
low- and moderate-income neighborhoods, in 
which the insured risk is located; 
(C) the total number of— 
(i) licensed agents of such insurer sell-
ing insurance in the designated line, by 
census tract, including low- and moderate- 
income neighborhoods, in which the agent’s 
principal place of business is located; and 
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(ii) such agents who were terminated 
by the insurer, by census tract in which 
the agent’s principal place of business was 
located; and 
(D) for such designated line of insurance, 
information that will enable the Secretary to as-
sess the aggregate loss experience for the in-
surer, by census tract, including low- and mod-
erate-income neighborhoods, in which the in-
sured risk is located. 
(2) SPECIFICATION
OF
INFORMATION
FOR 
ITEMIZED DISCLOSURE.— 
(A) IN GENERAL.—The regulations issued 
under section 202 regarding annual reporting 
requirements for insurers for a designated line 
of insurance under subparagraph (A) or (B) of 
section 210(a)(1) shall, with respect to policies 
issued under the designated line or exposure 
units covered by such policies, as determined by 
the Secretary— 
(i) specify the data elements that shall 
be submitted; 
(ii) provide for the submission of in-
formation on an individual insurer basis; 
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(iii) provide for the submission of the 
information with the least burden on insur-
ers, particularly small insurers, and insur-
ance agents; 
(iv) take into account existing statis-
tical reporting systems in the insurance in-
dustry; 
(v) require reporting by census tract, 
including low- and moderate-income neigh-
borhoods, in which the insured risk is lo-
cated; 
(vi) provide for the submission of in-
formation that— 
(I) identifies the designated line, 
and subline or coverage type; and 
(II) 
where 
applicable, 
distin-
guishes between the type of policy 
under each such subline or coverage 
type that provides full replacement 
cost and all other bases for computing 
claims, such as actual cash value and 
fair market value; 
(vii) provide for the submission of in-
formation that distinguishes policies writ-
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ten in a residual market from policies writ-
ten in the voluntary market; 
(viii) specify— 
(I) whether information shall be 
submitted on the basis of policy or ex-
posure unit; and 
(II) whether information, when 
submitted, shall be aggregated by like 
policyholders with like policies, except 
that the Secretary shall not permit 
such aggregation if it will adversely 
affect the accuracy of the information 
reported; 
(ix) in addition to reporting approvals, 
provide for the submission of information 
regarding the number of denials, cancella-
tions, and nonrenewals of policies under 
the designated line by census tract in 
which the insured risk is located, by race, 
gender, and income of the policyholder, 
and by whether the policy was issued in a 
voluntary or residual market; and 
(x) provide for the submission of in-
formation on the racial characteristics, 
gender, and income levels of policyholders 
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at the level of detail comparable to that re-
quired by the Home Mortgage Disclosure 
Act of 1975 (and the regulations issued 
thereunder). 
(B) RULES REGARDING OBTAINING RACIAL 
INFORMATION.— 
(i) WRITING REQUIREMENT.—The in-
formation specified in subparagraph (A)(x) 
relating to the racial characteristics of ap-
plicants for, and policyholders of, insur-
ance shall be obtained only in accordance 
with the procedures for requesting and re-
cording racial information established in 
Regulation C of the Board of Governors of 
the Federal Reserve System under the 
Home Mortgage Disclosure Act of 1975, as 
in effect on the date of the enactment of 
this Act. 
(ii) NOTICE OF VOLUNTARY NATURE 
OF QUESTION.—Any such written question 
shall clearly indicate that a response to the 
question is voluntary on the part of the ap-
plicant or policyholder, but encouraged, 
and that the information is being re-
quested by the Federal Government to 
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monitor the availability and affordability of 
insurance. 
(iii) PROVISION OF INFORMATION BY 
AGENT OR INSURER.—If an applicant for, 
or policyholder of, insurance declines to 
provide such information, the agent or in-
surer for such insurance may provide such 
information. 
(3) RULE FOR REPORTING BY INSURERS.—An 
insurer for a designated line shall submit— 
(A) information required under subpara-
graphs (A), (B), and (D) of paragraph (1) and 
information required pursuant to paragraph 
(2), for risks insured under such line that are 
located within each census tract any part of 
which is located in a State for which the insurer 
is offering the designated line; and 
(B) information required under paragraph 
(1)(C) for agents within such census tracts. 
SEC. 204. REPORTING OF RURAL INSURANCE INFORMA-
TION. 
(a) IN GENERAL.—The Secretary shall, by regula-
tion, establish requirements for insurers to annually com-
pile and submit to the Secretary information concerning 
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the availability, affordability, and quality or type of insur-
ance in rural areas and to small businesses. 
(b) CONTENT.—The regulations under this section 
shall provide that the information compiled and submitted 
under this section shall be compiled and submitted on the 
basis of each census tract in which the insured risks are 
located. 
SEC. 205. WAIVER OF REPORTING REQUIREMENTS. 
(a) WAIVER FOR STATES COLLECTING EQUIVALENT 
INFORMATION.— 
(1) AUTHORITY.—Subject to the requirements 
under this section, the Secretary shall provide, by 
regulation, for the waiver of the applicability of the 
provisions of sections 203 and 204 for each insurer 
transacting business within a State referred to in 
paragraph (2), but only with respect to information 
required to be submitted under such sections that 
relates to agents or insured risks located in the 
State. 
(2) REQUIREMENTS.—The Secretary may make 
a waiver pursuant to paragraph (1) only with re-
spect to a State that the Secretary determines has 
in effect a law or other requirement that— 
(A) requires insurers to submit to the 
State information that is at least the same or 
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equivalent to the information that is required to 
be submitted to the Secretary pursuant to sec-
tions 203 and 204; 
(B) provides for adequate enforcement of 
such law or other requirements; and 
(C) provides for the same annual reporting 
period used by the Secretary under this title 
and for submission of the information to the 
Secretary in a timely fashion, as determined by 
the Secretary. 
(3) DURATION.—A waiver pursuant to para-
graph (1) may remain in effect only during the pe-
riod for which the State law or other requirement re-
quired under paragraph (2) remains in effect. 
(b) MULTIPLE-STATE AREAS.—In the case of any 
census tract that contains area within (1) any State for 
which a waiver has been made pursuant to subsection (a), 
and (2) any State for which such a waiver has not been 
made, the provisions of this title requiring submission of 
information to the Secretary regarding such tract or area 
shall be considered to apply only to the portion that is 
located within the State for which such a waiver has not 
been made. 
(c) AUTHORITY FOR SECRETARY TO OBTAIN INFOR-
MATION DIRECTLY FROM INSURERS.—If the State for 
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