National Insurance Consumer Protection Act

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IntroducedPassed one chamberPassed both chambersBecame law (gold)Resolution agreed to (full, dark)Failed or vetoed (gray)

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Never voted on. It didn't reach a floor vote before the 111th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.

D BeanSponsor

9 cosponsors · 8 D, 1 R

1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.

National Insurance Consumer Protection Act - Establishes in the Department of the Treasury the Office of National Insurance (Office), headed by a Commissioner, with regulatory oversight over national insurers and national insurance agencies.

What it does: CRS summary · Introduced in House · Apr 2, 2009

Directs the Commissioner to license, regulate, and supervise national insurance producers.

Requires the Commissioner to establish: (1) a Division of Consumer Affairs; (2) a Division of Insurance Fraud; and (3) an Office of the Ombudsman.

Authorizes the Commissioner to provide for the registration of insurance self-regulatory organizations and to supervise and regulate them.

Requires the Commissioner to: (1) issue regulations on prudential supervision; (2) require national insurers and national insurance agencies to comply with federal anti-money laundering requirements; (3) promulgate regulations for prompt corrective action for any hazardous financial condition of a national insurer; (4) issue charters for national insurers and national agencies; (5) promulgate financial, policy, and market conduct standards; and (6) establish standards for a national insurance holding company.

Authorizes the Commissioner to: (1) examine national insurers or national insurance agencies; (2) impose fees upon national insurers, national insurance agencies, and national insurance producers; (3) revoke the charter of a national insurer or national insurance agency for specified cause, (4) implement enforcement powers, including cooperation with foreign governments; (5) secure bilateral and multilateral agreements with foreign insurance regulators and regional and global regulatory organizations; and (6) license individual persons as a national insurance producer.

Establishes criminal penalties for insurance fraud by national insurers, national insurance agencies, national insurance producers, and other persons.

Directs the President to designate a systemic risk regulator for a national insurer and any insurance company subject to state supervision.

Establishes: (1) the Coordinating National Council for Financial Regulators; and (2) the National Insurance Guaranty Corporation.

Prescribes procedures for conservatorship, receivership, benefits and claims payments, and assessments on national insurers.

Exempts insurers, national insurance agencies, and national insurance producers from state supervision relating to the sale, solicitation, negotiation, or underwriting of insurance, or to any other insurance operations.

Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov

About this bill and sources

Official title: National Insurance Consumer Protection Act

Latest action (Apr 21, 2009): Referred to the Subcommittee on Health.

Policy area: Finance and Financial Sector · Origin: House · Introduced: Apr 2, 2009

Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)

No recorded floor vote found.