IB 
Union Calendar No. 260 
114TH CONGRESS 
1ST SESSION H. R. 1478 
[Report No. 114–338] 
To provide for notice to, and input by, State insurance commissioners when 
requiring an insurance company to serve as a source of financial strength 
or when the Federal Deposit Insurance Corporation places a lien against 
an insurance company’s assets, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
MARCH 19, 2015 
Mr. POSEY (for himself and Mr. SHERMAN) introduced the following bill; 
which was referred to the Committee on Financial Services 
NOVEMBER 16, 2015 
Additional sponsors: Ms. BORDALLO, Mr. DUNCAN of Tennessee, Mr. ROSS, 
Mr. STIVERS, Mr. BYRNE, Mr. FINCHER, Mr. HECK of Nevada, Mr. 
JONES, Mr. WILSON of South Carolina, Mr. HUIZENGA of Michigan, Mrs. 
WAGNER, Mr. MULVANEY, Mr. PEARCE, Mr. GROTHMAN, Mr. BLUM, Mr. 
TIPTON, Mr. DUFFY, Mr. GUTHRIE, Mrs. NOEM, Mr. HULTGREN, Mr. 
AMODEI, Mr. GOSAR, Mr. WEBSTER of Florida, Mr. JOYCE, Mrs. ROBY, 
Mr. POLIQUIN, Mr. CRAMER, Mr. BARR, Mr. HARRIS, Mr. PITTENGER, 
Mr. EMMER of Minnesota, Mr. HECK of Washington, Mr. LUCAS, and 
Mr. DELANEY 
NOVEMBER 16, 2015 
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 March 19, 2015] 
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A BILL 
To provide for notice to, and input by, State insurance 
commissioners when requiring an insurance company to 
serve as a source of financial strength or when the Fed-
eral Deposit Insurance Corporation places a lien against 
an insurance company’s assets, 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 ‘‘Policyholder Protection 
Act of 2015’’. 
SEC. 2. ENSURING THE PROTECTION OF INSURANCE POL-
ICYHOLDERS. 
(a) SOURCE OF STRENGTH.—Section 38A of the Fed-
eral Deposit Insurance Act (12 U.S.C. 1831o–1) is amend-
ed— 
(1) by redesignating subsections (c), (d), and (e) 
as subsections (d), (e), and (f), respectively; and 
(2) by inserting after subsection (b) the fol-
lowing: 
‘‘(c) AUTHORITY
OF
STATE
INSURANCE
REGU-
LATOR.— 
‘‘(1) IN
GENERAL.—The provisions of section 
5(g) of the Bank Holding Company Act of 1956 (12 
U.S.C. 1844(g)) shall apply to a savings and loan 
holding company that is an insurance company, an 
affiliate of an insured depository institution that is 
an insurance company, and to any other company 
that is an insurance company and that directly or 
indirectly controls an insured depository institution, 
to the same extent as the provisions of that section 
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apply to a bank holding company that is an insur-
ance company. 
‘‘(2) RULE
OF
CONSTRUCTION.—Requiring a 
bank holding company that is an insurance company, 
a savings and loan holding company that is an in-
surance company, an affiliate of an insured deposi-
tory institution that is an insurance company, or 
any other company that is an insurance company 
and that directly or indirectly controls an insured de-
pository institution to serve as a source of financial 
strength under this section shall be deemed an action 
of the Board that requires a bank holding company 
to provide funds or other assets to a subsidiary depos-
itory institution for purposes of section 5(g) of the 
Bank Holding Company Act of 1956 (12 U.S.C. 
1844(g)).’’. 
(b) LIQUIDATION AUTHORITY.—The Dodd-Frank Wall 
Street Reform and Consumer Protection Act (12 U.S.C. 
5301 et seq.) is amended— 
(1) in section 203(e)(3) (12 U.S.C. 5383(e)(3)), 
by inserting ‘‘or rehabilitation’’ after ‘‘orderly liq-
uidation’’ each place that term appears; and 
(2) in section 204(d)(4) (12 U.S.C. 5384(d)(4)), 
by inserting before the semicolon at the end the fol-
lowing: ‘‘, except that, if the covered financial com-
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pany or covered subsidiary is an insurance company 
or a subsidiary of an insurance company, the Cor-
poration— 
‘‘(A) shall promptly notify the State insur-
ance authority for the insurance company of the 
intention to take such lien; and 
‘‘(B) may only take such lien— 
‘‘(i) to secure repayment of funds made 
available to such covered financial company 
or covered subsidiary; and 
‘‘(ii) if the Corporation determines, 
after consultation with the State insurance 
authority, that such lien will not unduly 
impede or delay the liquidation or rehabili-
tation of the insurance company, or the re-
covery by its policyholders’’. 
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Union Calendar No. 260 
114TH CONGRESS 
1ST SESSION 
H. R. 1478 
[Report No. 114–338] 
A BILL 
To provide for notice to, and input by, State insur-
ance commissioners when requiring an insurance 
company to serve as a source of financial 
strength or when the Federal Deposit Insurance 
Corporation places a lien against an insurance 
company’s assets, and for other purposes. 
NOVEMBER 16, 2015 
Reported with an amendment, committed to the Com-
mittee of the Whole House on the State of the Union, 
and ordered to be printed 
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00:31 Nov 17, 2015
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