The House Financial Services Committee is planning to hold a markup on May 9 to consider several pieces of legislation, which is likely to include pieces of legislation dealing with the insurance industry.
The committee is currently contemplating including three insurance-related bills on the schedule. First, H.R. 3861, the Federal Insurance Office Reform Act, introduced by Reps. Sean Duffy, R-Wis., and Denny Heck, D-Wash. A top priority of NAMIC, the legislation would reform and refocus the FIO, ensuring that the office does not attempt to grow beyond its statutory mandate. There have been ongoing discussions on updating the existing legislation with changes to help bring more support for the bill; it appears as though an agreement has been reached, and the bill is ready to be considered by the full committee.
The second bill is H.R. 5666, the “Primary Regulators of Insurance Vote Act of 2018,” which would make the state insurance commissioner currently serving on the Financial Stability Oversight Council a voting member. Currently the state insurance commissioner sits on the council but is not given a vote. The bill was introduced on April 27 by Heck and Rep. Dennis Ross, R-Fla.
The third bill, H.R. 5059, The State Insurance Regulation Protection Act, was introduced Feb. 15 by Reps. Keith Rothfus, R-Pa., and Joyce Beatty, D-Ohio. The bill deals with savings and loan holding companies that are predominately insurance organizations and clarifies that they should be treated as such in their regulation, assessment, and enforcement by the Federal Reserve. Since the passage of Dodd-Frank, insurance SLHCs have been regulated by the Fed at the holding company level. The bill would allow these companies to register with the Fed as “insurance savings and loans holding companies” and would make clear the examination and oversight of the companies would be conducted by state insurance regulators.
NAMIC has been working to move all three bills through the legislative process and is urging the committee to take up and pass them during its May 9 markup.