Business of Insurance Regulatory Reform Act of 2017

Bill: 115-hr-3746
Sponsor: full_name: Rep. Duffy, Sean P. [R-WI-7]
Introduced: 2017-09-12
Policy area: Finance and Financial Sector
Subjects: Administrative law and regulatory procedures

Banking and financial institutions regulation

Consumer Financial Protection Bureau

Consumer credit

Insurance industry and regulation
Latest action: action_date: 2018-05-10
text: Placed on the Union Calendar, Calendar No. 513.

Summaries:
action_date: 2017-09-12
action_desc: Introduced in House
text: <p><b>Business of Insurance Regulatory Reform Act of 2017</b></p> <p>This bill amends the Consumer Financial Protection Act of 2010 to revise the authority of the Consumer Financial Protection Bureau (CFPB) over activities regulated by a state insurance regulator. The CFPB may not enforce the Act against any person regulated by a state insurance regulator and offering a consumer financial product or service, to the extent that person is engaged in the business of insurance. If a person engaged in the business of insurance is regulated by a state insurance regulator but otherwise subject to the Act, the CFPB must construe its authority narrowly.</p>

action_date: 2018-05-10
action_desc: Reported to House without amendment
text: <p><b>Business of Insurance Regulatory Reform Act of 2017</b></p> <p>This bill amends the Consumer Financial Protection Act of 2010 to revise the authority of the Consumer Financial Protection Bureau (CFPB) over activities regulated by a state insurance regulator. The CFPB may not enforce the Act against any person regulated by a state insurance regulator and offering a consumer financial product or service, to the extent that person is engaged in the business of insurance. If a person engaged in the business of insurance is regulated by a state insurance regulator but otherwise subject to the Act, the CFPB must construe its authority narrowly.</p>

tv_txt: I 115th CONGRESS 1st Session H. R. 3746 IN THE HOUSE OF REPRESENTATIVES September 12, 2017 Mr. Duffy (for himself and Ms. Moore ) introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the Consumer Financial Protection Act of 2010 to clarify the authority of the Bureau of Consumer Financial Protection with respect to persons regulated by a State insurance regulator, and for other purposes.

1. Short title This Act may be cited as the Business of Insurance Regulatory Reform Act of 2017 . 2. Clarification to the authority of the Bureau with respect to persons regulated by a State insurance regulator Section 1027(f) of the Consumer Financial Protection Act of 2010 ( 12 U.S.C. 5517(f) ) is amended— (1) in paragraph (2)— (A) by striking Description of activities.— Paragraph (1) and inserting Exceptions.— (A) Authority Paragraph (1) ; and (B) by inserting after subparagraph (A) (as added by this Act) the following new subparagraph: (B) Limitation With respect to a person regulated by a State insurance regulator— (i) and if such person is offering or providing a consumer financial product or service, the Bureau may not enforce this title with respect to such person to the extent such person is engaged in the business of insurance; or (ii) and if such person is subject to any enumerated consumer law or any law for which authorities are transferred under subtitle F or H, the authority of the Bureau to enforce such law with respect to such person shall be narrowly construed to the extent such person is engaged in the business of insurance. ; and (2) by adding at the end the following new paragraph: (4) Rule of construction The enforcement of this title shall be broadly construed in favor of the authority of a State insurance regulator with respect to a person regulated by a State insurance regulator. .

tv_txt: IB Union Calendar No. 513 115th CONGRESS 2d Session H. R. 3746 [Report No. 115–668] IN THE HOUSE OF REPRESENTATIVES September 12, 2017 Mr. Duffy (for himself and Ms. Moore ) introduced the following bill; which was referred to the Committee on Financial Services May 10, 2018 Additional sponsors: Mrs. Wagner , Mr. Perlmutter , and Mr. Messer May 10, 2018 Committed to the Committee of the Whole House on the State of the Union and ordered to be printed A BILL To amend the Consumer Financial Protection Act of 2010 to clarify the authority of the Bureau of Consumer Financial Protection with respect to persons regulated by a State insurance regulator, and for other purposes.

1. Short title This Act may be cited as the Business of Insurance Regulatory Reform Act of 2017 . 2. Clarification to the authority of the Bureau with respect to persons regulated by a State insurance regulator Section 1027(f) of the Consumer Financial Protection Act of 2010 ( 12 U.S.C. 5517(f) ) is amended— (1) in paragraph (2)— (A) by striking Description of activities.— Paragraph (1) and inserting Exceptions.— (A) Authority Paragraph (1) ; and (B) by inserting after subparagraph (A) (as added by this Act) the following new subparagraph: (B) Limitation With respect to a person regulated by a State insurance regulator— (i) and if such person is offering or providing a consumer financial product or service, the Bureau may not enforce this title with respect to such person to the extent such person is engaged in the business of insurance; or (ii) and if such person is subject to any enumerated consumer law or any law for which authorities are transferred under subtitle F or H, the authority of the Bureau to enforce such law with respect to such person shall be narrowly construed to the extent such person is engaged in the business of insurance. ; and (2) by adding at the end the following new paragraph: (4) Rule of construction The enforcement of this title shall be broadly construed in favor of the authority of a State insurance regulator with respect to a person regulated by a State insurance regulator. .

May 10, 2018 Committed to the Committee of the Whole House on the State of the Union and ordered to be printed