Business of Insurance Regulatory Reform Act of 2024

Bill: 118-hr-7000
Sponsor: full_name: Rep. Steil, Bryan [R-WI-1]
Introduced: 2024-01-16
Policy area: Finance and Financial Sector
Latest action: action_date: 2024-01-16
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2024-01-16
action_desc: Introduced in House
text: <p><strong>Business of Insurance Regulatory Reform Act of 2024</strong></p><p>This bill limits the authority of the Consumer Financial Protection Bureau over entities that are regulated by a state insurance regulator. Specifically, the bureau is prohibited from pursuing enforcement against any person regulated by a state insurance regulator and offers a consumer financial product or service, to the extent that the 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 is otherwise subject to the bureau's enforcement authority, the bureau must construe its authority narrowly.</p>

tv_txt: I 118th CONGRESS 2d Session H. R. 7000 IN THE HOUSE OF REPRESENTATIVES January 16, 2024 Mr. Steil 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 2024 . 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. .