US Congress House Bill 1880 (Prior Session Legislation)

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Spectrum: Moderate Partisan Bill (Democrat 9-1)
Status: Introduced on April 2 2009 - 25% progression, died in committee
Action: 2009-04-21 - Referred to the Subcommittee on Health.
Pending: House Subcommittee on Health Committee
Text: Latest bill text (Introduced) [PDF]

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. 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.

National Insurance Consumer Protection Act

Rep. Melissa Bean [D-IL]	Rep. Russ Carnahan [D-MO]	Rep. Jim Cooper [D-TN]	Rep. Henry Cuellar [D-TX]
Rep. Lloyd Doggett [D-TX]	Rep. Deborah Halvorson [D-IL]	Rep. James Himes [D-CT]	Rep. Walter Minnick [D-ID]
Rep. James Moran [D-VA]	Rep. Edward Royce [R-CA]

Date	Chamber	Action
2009-04-21		Referred to the Subcommittee on Health.
2009-04-02		Referred to House Energy and Commerce
2009-04-02		Referred to House Judiciary
2009-04-02		Referred to House Financial Services
2009-04-02		Referred to the Committee on Financial Services, and in addition to the Committees on the Judiciary, and Energy and Commerce, 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.

Type	Source
Summary	https://www.congress.gov/bill/111th-congress/house-bill/1880/all-info
Text	https://www.congress.gov/111/bills/hr1880/BILLS-111hr1880ih.pdf