National Insurance Consumer Protection Act

Bill: 111-hr-1880
Sponsor: Rep. Bean, Melissa L. [D-IL-8]
Introduced: 2009-04-02 in the House
Policy area: Finance and Financial Sector
Subjects: Administrative law and regulatory procedures
Administrative remedies
Advisory bodies
Banking and financial institutions regulation
Bankruptcy
Business investment and capital
Business records
Competition and antitrust
Congressional oversight
Consumer affairs
Corporate finance and management
Criminal investigation, prosecution, interrogation
Department of the Treasury
Executive agency funding and structure
Federal preemption
Financial crises and stabilization
Fraud offenses and financial crimes
Government corporations and government-sponsored enterprises
Government information and archives
Government studies and investigations
Health care costs and insurance
Insurance industry and regulation
International monetary system and foreign exchange
International organizations and cooperation
Judicial review and appeals
Licensing and registrations
Life, casualty, property insurance
Organized crime
State and local government operations
State and local taxation
Trade agreements and negotiations
User charges and fees

Summary:
action_date: 2009-04-02
text: 
National Insurance Consumer Protection Act - Establishes in the Department of the Treasury the Office of National Insurance (Office), headed by a Commissioner, with regulatory oversight over national insurers and national insurance agencies.
 
Directs the Commissioner to license, regulate, and supervise national insurance producers.
 
 
Requires the Commissioner to establish: (1) a Division of Consumer Affairs; (2) a Division of Insurance Fraud; and (3) an Office of the Ombudsman.
 
Authorizes the Commissioner to provide for the registration of insurance self-regulatory organizations and to supervise and regulate them.
 

 
Requires the Commissioner to: (1) issue regulations on prudential supervision; (2) require national insurers and national insurance agencies to comply with federal anti-money laundering requirements; (3) promulgate regulations for prompt corrective action for any hazardous financial condition of a national insurer; (4) issue charters for national insurers and national agencies; (5) promulgate financial, policy, and market conduct standards; and (6) establish standards for a national insurance holding company.
 
Authorizes the Commissioner to: (1) examine national insurers or national insurance agencies; (2) impose fees upon national insurers, national insurance agencies, and national insurance producers; (3) revoke the charter of a national insurer or national insurance agency for specified cause, (4) implement enforcement powers, including cooperation with foreign governments; (5) secure bilateral and multilateral agreements with foreign insurance regulators and regional and global regulatory organizations; and (6) license individual persons as a national insurance producer.
 
Establishes criminal penalties for insurance fraud by national insurers, national insurance agencies, national insurance producers, and other persons.
 
Directs the President to designate a systemic risk regulator for a national insurer and any insurance company subject to state supervision.
 
Establishes: (1) the Coordinating National Council for Financial Regulators; and (2) the National Insurance Guaranty Corporation. 

Prescribes procedures for conservatorship, receivership, benefits and claims payments, and assessments on national insurers.

Exempts insurers, national insurance agencies, and national insurance producers from state supervision relating to the sale, solicitation, negotiation, or underwriting of insurance, or to any other insurance operations.


Legislative actions:
action_date: 2009-04-21
text: Referred to the Subcommittee on Health.
action_date: 2009-04-02
text: Referred to House Energy and Commerce
action_date: 2009-04-02
text: Referred to House Judiciary
action_date: 2009-04-02
text: Referred to the Committee on Financial Services, and in addition to the Committees on the Judiciary, and Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2009-04-02
text: Referred to House Financial Services
action_date: 2009-04-02
text: Introduced in House
action_date: 2009-04-02
text: Introduced in House