Primary Regulators of Insurance Vote Act of 2022

Bill: 117-s-4110
Sponsor: full_name: Sen. Scott, Tim [R-SC]
Introduced: 2022-04-28
Policy area: Finance and Financial Sector
Subjects: Banking and financial institutions regulation

Financial Stability Oversight Council

Insurance industry and regulation

State and local government operations
Latest action: action_date: 2022-09-08
text: Committee on Banking, Housing, and Urban Affairs. Hearings held.

Summaries:
action_date: 2022-04-28
action_desc: Introduced in Senate
text: <p><b>Primary Regulators of Insurance Vote Act of 2022 </b></p> <p>This bill establishes a state insurance commissioner as a voting member of the Financial Stability Oversight Council. The member is appointed by the President with the advice and consent of the Senate. Under current law, this member is nonvoting and selected by state insurance commissioners. </p>

tv_txt: II 117th CONGRESS 2d Session S. 4110 IN THE SENATE OF THE UNITED STATES April 28, 2022 Mr. Scott of South Carolina (for himself and Mr. King ) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To amend the Financial Stability Act of 2010 to include the State insurance commissioner as a voting member of the Financial Stability Oversight Council, and for other purposes.

1. Short title This Act may be cited as the Primary Regulators of Insurance Vote Act of 2022 . 2. Establishment of State insurance commissioner as a voting member of the Financial Stability Oversight Council Section 111 of the Financial Stability Act of 2010 ( 12 U.S.C. 5321 ) is amended— (1) in subsection (b)— (A) in paragraph (1)— (i) by redesignating subparagraph (J) as subparagraph (K); (ii) in subparagraph (I), by striking and at the end; and (iii) by inserting after subparagraph (I) the following: (J) a State insurance commissioner, appointed by the President, by and with the advice and consent of the Senate, as described in paragraph (4); and ; and (B) by adding at the end the following new paragraph: (4) State insurance commissioner Before making any appointments pursuant to paragraph (1)(J), the President shall request a list of recommended candidates from the States through the National Association of Insurance Commissioners. The President may appoint a member under paragraph (1)(J) that does not appear on such list. If the National Association of Insurance Commissioners fails to submit such list within 15 business days after the date of the request, the President may appoint a member under paragraph (1)(J) without considering the views of the National Association of Insurance Commissioners. ; and (2) in subsection (c)— (A) in paragraph (1), by inserting , the State insurance commissioner shall serve for a term of 4 years after 6 years ; (B) by striking paragraph (2) and inserting the following: (2) Vacancies (A) In general Subject to subparagraph (B), any vacancy on the Council shall be filled in the manner in which the original appointment was made. (B) State insurance commissioner With respect to a vacancy in the membership of the State insurance commissioner serving under subsection (b)(1)(J)— (i) the Federal Vacancy Reform Act ( 5 U.S.C. 3345 et seq. ) shall not apply; and (ii) such vacancy shall be filled by a State insurance commissioner, to be designated by a selection process determined by the State insurance commissioners, who shall serve as a nonvoting member of the Council until a successor is appointed and confirmed. ; and (C) in paragraph (4)— (i) by striking independent member in the heading, and inserting insurance members ; and (ii) striking subsection (b)(1)(J) and inserting subsection (b)(1)(K) or the State insurance commissioner serving under subsection (b)(1)(J) . 3. Repeal of State insurance commissioner as nonvoting member of FSOC (a) In general Section 111(b)(2) of the Financial Stability Act of 2010 ( 12 U.S.C. 5321(b)(2) ) is amended by striking subparagraph (C) and redesignating subparagraphs (D) and (E) as subparagraphs (C) and (D), respectively. (b) Technical and conforming amendment Section 111(c)(1) of the Financial Stability Act of 2010 Act ( 12 U.S.C. 5321(c)(1) ) is amended by striking by subparagraphs (C), (D), and (E) and inserting subparagraphs (C) and (D) . 4. Temporary service; transition Notwithstanding the amendments made by this Act, during the period beginning on the date of the enactment of this Act and ending on the date on which the State insurance commissioner is appointed and confirmed pursuant to section 111(b)(1) of the Financial Stability Act of 2010 ( 12 U.S.C. 5321(b)(1) ), as amended by section 2 of this Act, section 111(b)(2)(C) of the Financial Stability Act of 2010 ( 12 U.S.C. 5321(b)(2)(C) ), as in effect on the day before the date of enactment of this Act, shall continue to apply. 5. Technical and conforming amendments The Financial Stability Act of 2010 ( 12 U.S.C. 5311 et seq. ) is amended— (1) in section 102(a) ( 12 U.S.C. 5311 ), by adding at the end the following: (8) Council The term Council means the Financial Stability Oversight Council established in section 111. ; (2) in section 112(a)(2)(D) ( 12 U.S.C. 5322(a)(2)(D) ), by striking to monitor and inserting monitor ; (3) in section 154(c)(1) ( 12 U.S.C. 5344(c)(1) )— (A) by striking Center.— and all that follows through The Research and inserting the following: Center.— The Research ; and (B) by redesignating subparagraphs (A) through (H) as paragraphs (1) through (8), respectively; and (4) in section 155(a)(2) ( 12 U.S.C. 5345(a)(2) ), by striking the comma after subsection (c) .