IIB 
114TH CONGRESS 
1ST SESSION H. R. 1478 
IN THE SENATE OF THE UNITED STATES 
NOVEMBER 17, 2015 
Received; read twice and referred to the Committee on Banking, Housing, and 
Urban Affairs 
AN ACT 
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. 
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 ‘‘Policyholder Protection 
Act of 2015’’. 
SEC. 2. ENSURING THE PROTECTION OF INSURANCE POL-
ICYHOLDERS. 
(a) SOURCE
OF STRENGTH.—Section 38A of the 
Federal Deposit Insurance Act (12 U.S.C. 1831o–1) is 
amended— 
(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 
apply to a bank holding company that is an insur-
ance company. 
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‘‘(2) RULE
OF
CONSTRUCTION.—Requiring a 
bank holding company that is an insurance com-
pany, a savings and loan holding company that is an 
insurance 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 deposi-
tory institution to serve as a source of financial 
strength under this section shall be deemed an ac-
tion of the Board that requires a bank holding com-
pany to provide funds or other assets to a subsidiary 
depository 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 following: ‘‘, except that, if the covered fi-
nancial company or covered subsidiary is an insur-
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