H.R. 3200 · 110th Congress
National Insurance Act of 2007
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Never voted on. It didn't reach a floor vote before the 110th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
BeanSponsor1 cosponsor · 1 R
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
National Insurance Act of 2007 - Establishes in the Department of the Treasury an Office of National Insurance (ONI), headed by a Commissioner of National Insurance, with Divisions of Insurance Fraud and of Consumer Affairs, and an Office of the Ombudsman.
What it does: CRS summary · Introduced in House · Jul 26, 2007
National Insurance Act of 2007 - Establishes in the Department of the Treasury an Office of National Insurance (ONI), headed by a Commissioner of National Insurance, with Divisions of Insurance Fraud and of Consumer Affairs, and an Office of the Ombudsman.
Authorizes the Commissioner to supervise, regulate, and provide for registration of insurance self-regulatory organizations.
Requires the Commissioner to supervise national insurers and national agencies, including chartering and licensing. Removes them, as well as federally licensed insurance producers, from state oversight of insurance business practices.
Authorizes the Commissioner to provide for the organization, operation, and regulation of National Insurance Companies and National Insurance Agencies, including U.S. branches of non-U.S. Insurers.
Requires national insurers to obtain a federal license.
Provides for conversion of state insurers to national insurers or state insurance agencies to national agencies, and vice versa.
Prescribes requirements for national life insurer product regulation, including mandatory election for either national or state participating policy procedures governing a national life insurer in mutual form.
Sets forth requirements governing prompt corrective action.
Authorizes the Commissioner to: (1) license insurers that are not national insurers to provide reinsurance; and (2) issue federal insurance producer licenses.
Restricts specified state actions.
Provides for: (1) mergers, consolidations, and acquisitions of national insurers and national agencies; and (2) conversion of stock life insurers to national life insurer in mutual form, and vice versa.
Subjects national insurers and national agencies to state taxation.
Prohibits states from preventing or restricting national insurers from engaging in specified insurance business practices.
Requires registration with the Commissioner of national insurers that belong to an insurance holding company system.
Authorizes the Commissioner to appoint the ONI as receiver for a national insurer for rehabilitation or liquidation.
Requires national insurers to join guaranty associations in each state, which may levy assessments on them for purposes of insolvency protection.
Establishes a National Insurance Guaranty Corporation to provide benefits to policyholders of a national life insurer under federal receivership.
Sets forth requirements governing claims covered for policy holders of national property/casualty insurers.
Applies federal antitrust laws to national insurers, national agencies, and federally licensed insurance producers.
Exempts national insurers, national agencies, and federally licensed insurance producers from state regulation, except as expressly provided in this Act.
Directs the Comptroller General to analyze and report to Congress on the overall competitiveness of the insurance sector in the United States.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: National Insurance Act of 2007
Latest action (Jul 26, 2007): Referred to the Committee on Financial Services, and in addition to the Committee on the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Jul 26, 2007
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.