Insurance Consumer Protection and Solvency Act of 2013

Bill: 113-hr-605
Sponsor: full_name: Rep. Posey, Bill [R-FL-8]
Introduced: 2013-02-08
Policy area: Finance and Financial Sector
Subjects: Administrative law and regulatory procedures

Bankruptcy

Federal Deposit Insurance Corporation (FDIC)

Insurance industry and regulation
Latest action: action_date: 2014-05-20
text: Hearings Held by the Subcommittee on Housing and Insurance Prior to Referral.

Summaries:
action_date: 2013-02-08
action_desc: Introduced in House
text: <p>Insurance Consumer Protection and Solvency Act of 2013 - Amends the Dodd-Frank Wall Street Reform and Consumer Protection Act to exclude an insurance company from the definition of a &quot;financial company&quot; for purposes of such Act (thus removing an insurance company from the purview of the Act).</p> <p>Removes from the Federal Deposit Insurance Corporation (FDIC) the authority to place insurance companies into orderly liquidation.</p> <p>Excludes from the definition of &quot;eligible financial company&quot; for purposes of risk-based assessments an insurance company subject to assessment under state law to cover the costs of state insolvency proceeding regarding an insurance company. </p>

tv_txt: I 113th CONGRESS 1st Session H. R. 605 IN THE HOUSE OF REPRESENTATIVES February 8, 2013 Mr. Posey introduced the following bill; which was referred to the Committee on Financial Services A BILL To exclude insurance companies from the Federal Depository Insurance Corporation’s orderly liquidation authority .

1. Short title This Act may be cited as the Insurance Consumer Protection and Solvency Act of 2013 . 2. Liquidation authority (a) Definition of financial company Clause (iii) of section 201(a)(11)(B) of the Dodd-Frank Wall Street Reform and Consumer Protection Act ( 12 U.S.C. 5381(a)(11)(B)(iii) ) is amended by inserting an insurance company or after other than . (b) Treatment of insurance companies and subsidiaries Subsection (e) of section 203 of the Dodd-Frank Wall Street Reform and Consumer Protection Act ( 12 U.S.C. 5383(e) ) is amended— (1) in paragraph (1)— (A) by striking if an insurance company is a covered financial company or a subsidiary or affiliate of a covered financial company, ; and (B) by striking such insurance and inserting an insurance ; and (2) by striking paragraph (3). (c) Assessments Paragraph (1) of section 210(o) of the Dodd-Frank Wall Street Reform and Consumer Protection Act ( 12 U.S.C. 5390(o)(1) ) is amended by inserting , excluding an insurance company subject to assessment pursuant to applicable State law to cover (or reimburse payments made to cover) the costs of rehabilitation, liquidation, or other State insolvency proceeding with respect to 1 or more insurance companies, after $50,000,000,000 each place such term appears.