323 
(C) by adding at the end the following: 
‘‘(C) any authority of the Commissioner of 
National Insurance under the National Insur-
ance Act of 2007.’’. 
SEC. 1712. AMENDMENTS TO THE BANK HOLDING COM-
PANY ACT OF 1956. 
The Bank Holding Company Act of 1956 (12 U.S.C. 
1841 et seq.) is amended— 
(1) in section 4(k)(4)(I)(iii), by inserting ‘‘or 
Federal’’ after ‘‘relevant State’’; 
(2) in section 5(c)(2)(E)(iii), by inserting ‘‘or 
by or on behalf of the Commissioner of National In-
surance’’ after ‘‘for the supervision of insurance 
companies’’; 
(3) in section 5(c)(3)(A)(ii)(I), by inserting ‘‘or 
the Office of National Insurance’’ after ‘‘Securities 
and Exchange Commission’’; 
(4) in section 5(c)(4)(B), by inserting ‘‘or the 
Commissioner of National Insurance’’ after ‘‘a State 
insurance authority’’; 
(5) in section 5(c)(5)(B)(iv), by inserting ‘‘or by 
the Commissioner of National Insurance’’ after 
‘‘State insurance regulator’’; 
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324 
(6) in section 5(g), by inserting in the heading 
‘‘, COMMISSIONER OF NATIONAL INSURANCE’’ after 
‘‘STATE INSURANCE REGULATOR’’; 
(7) in section 5(g)(1)(B), by inserting ‘‘or the 
Commissioner of National Insurance’’ after ‘‘State 
insurance authority’’; 
(8) in section 5(g)(2)— 
(A) in the heading, by inserting ‘‘, COM-
MISSIONER
OF
NATIONAL
INSURANCE,’’ after 
‘‘STATE INSURANCE AUTHORITY’’; and 
(B) by inserting ‘‘or the Commissioner of 
National Insurance’’ after ‘‘the Board shall 
promptly notify the State insurance authority’’; 
and 
(9) in section 5(g)(3), by inserting ‘‘, the Com-
missioner of National Insurance,’’ after ‘‘If the 
Board receives a notice described in paragraph 
(1)(B) from a State insurance authority’’. 
SEC. 1713. AMENDMENTS TO TITLE 18 (CRIMES AND CRIMI-
NAL PROCEDURE). 
(a) AMENDMENTS TO TITLE 18.—Section 1033(b) of 
title 18, United States Code, is amended— 
(1) in paragraph (1)— 
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325 
(A) by inserting ‘‘removes, conceals, alters, 
destroys,’’ after ‘‘willfully embezzles, abstracts, 
purloins,’’; and 
(B) by inserting ‘‘assets,’’ after ‘‘moneys, 
funds, premiums, credits,’’; and 
(2) in paragraph (2)— 
(A) in the first sentence, by inserting ‘‘re-
moval, concealment, alteration, destruction,’’ 
after ‘‘embezzlement, abstraction, purloining,’’; 
and 
(B) in the second sentence, by inserting 
‘‘removed, concealed, altered, destroyed,’’ after 
‘‘embezzled, abstracted, purloined,’’. 
(b) INSURANCE FRAUD.—Title 18, United States 
Code, is amended by inserting after section 1037 the fol-
lowing: 
‘‘§ 1037A. Insurance fraud 
‘‘(a) Whoever commits a fraudulent insurance act or 
whoever knowingly and intentionally interferes with the 
enforcement of the provisions of subtitle D of title I of 
the National Insurance Act of 2007 or investigations of 
suspected or actual violations of this section shall be pun-
ished as provided in subsection (b). 
‘‘(b)(1) Except as provided in paragraph (2), the 
punishment for an offense under subsection (a) is a fine 
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326 
as provided under this title or imprisonment for not more 
than 10 years, or both. 
‘‘(2) Where the person committing an offense under 
subsection (a) is a national insurer, national agency, in-
surer-affiliated party, or a federally licensed insurance 
producer, punishment for an offense under subsection (a) 
shall be a fine, the maximum of which is the greater of— 
‘‘(A) $1,000,000 per violation; or 
‘‘(B) a fine as provided under this title, or im-
prisonment for not more than 10 years, or both. 
‘‘(3) If the fraudulent insurance act involved an 
amount or value not exceeding $5,000, whoever violates 
subsection (a) shall be fined as provided in this title or 
imprisoned not more than 1 year, or both. 
‘‘(4) The punishment in this subsection shall be in 
addition to any other penalties under the National Insur-
ance Act of 2007. 
‘‘(5) Any person convicted of an offense under sub-
section (a) shall be ordered to make monetary restitution 
for any financial loss or damage sustained by any other 
person as a result of such offense. Such restitution shall 
be the exclusive monetary remedy available to the victim 
at law or in equity after entry of judgment. However, 
nothing in this paragraph shall preclude the maintenance 
of an action pursuant to section 1163 of the National In-
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327 
surance Act of 2007, absent a conviction. If the person 
convicted of an offense under subsection (a) holds an occu-
pational license under any provision of State or Federal 
law, the court shall notify the appropriate licensing au-
thority of the conviction. 
‘‘(c)(1) Any individual who has been convicted of any 
criminal felony involving dishonesty or breach of trust, 
and who participates in the business of insurance, shall 
be fined as provided in this title or imprisoned not more 
than 5 years, or both. 
‘‘(2) Any insurance person who is engaged in the 
business of insurance who knowingly and intentionally 
permits the participation described in paragraph (1) shall 
be fined as provided in this title or imprisoned not more 
than 5 years, or both. 
‘‘(3) A person described in paragraph (1) or (2) may 
participate in the business of insurance or permit such 
participation, as the case may be, if such person has the 
written consent of the Commissioner of National Insur-
ance. 
‘‘(d) In this section— 
‘‘(1) the terms ‘Commissioner’, ‘insurance pol-
icy’, ‘insurance producer’, ‘insurer-affiliated party’, 
‘national agency’, ‘national insurer’, ‘person’ and 
‘policy of insurance’ have the meanings given to the 
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