Policyholder Protection Act of 2014

Bill: 113-hr-4557
Sponsor: full_name: Rep. Posey, Bill [R-FL-8]
Introduced: 2014-05-01
Policy area: Finance and Financial Sector
Subjects: Administrative law and regulatory procedures

Bank accounts, deposits, capital

Banking and financial institutions regulation

Federal Reserve System

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: 2014-05-01
action_desc: Introduced in House
text: <br />Policyholder Protection Act of 2014 - Amends the Federal Deposit Insurance Act to declare that any regulation, order, or other action of the Board of Governors of the Federal Reserve System that requires a bank holding company to provide funds or other assets to a subsidiary depository institution shall not be effective nor enforceable with respect to an entity that is a savings and loan holding company that is also an insurance company, an affiliate of an insured depository institution that is an insurance company, or any other company that is an insurance company and that directly or indirectly controls an insured depository institution if: (1) such funds or assets are to be provided by the entity, and (2) the state insurance authority for the insurance company determines that such an action would have a materially adverse effect on the entity's financial condition.<br /><br />Declares further that requiring a bank holding company that is an insurance company or such an entity to serve as a source of financial strength shall be deemed the kind of action of the Board to which this Act applies.

tv_txt: I 113th CONGRESS 2d Session H. R. 4557 IN THE HOUSE OF REPRESENTATIVES May 1, 2014 Mr. Posey introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the Federal Deposit Insurance 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 pursuant to such Act.

1. Short title This Act may be cited as the Policyholder Protection Act of 2014 . 2. 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 following: (c) Authority of State Insurance Regulator (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 such section 5(g) applies to a bank holding company that is an insurance company. (2) Rule of construction Requiring a bank holding company that is an insurance company, a savings and loan holding company that is an insurance company, an affiliate of an insured depository institution that is an insurance company, or any other company that is an insurance company and that directly or indirectly controls an insured depository 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 depository institution for purposes of such section 5(g). .