S. 2509 (109th): National Insurance Act of 2006

Introduced:
Apr 05, 2006 (109th Congress, 2005–2006)
Sponsor:
Sen. John Sununu [R-NH]
Status:
Died (Referred to Committee)
See Instead:
This bill was re-introduced as S. 40 (110th) on May 24, 2007.

The bill’s title was written by the bill’s sponsor. S. stands for Senate bill.

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Status

This bill was introduced on April 5, 2006, in a previous session of Congress, but was not enacted.

Progress
Introduced Apr 05, 2006
Referred to Committee Apr 05, 2006
Cosponsors
1 cosponsors (1D) (show)
Committees

Senate Banking, Housing, and Urban Affairs

The committee chair determines whether a bill will move past the committee stage.

Full Title

A bill to authorize the issuance of charters and licenses for carrying on the sale, solicitation, negotiation, and underwriting of insurance or any other insurance operations, to provide a comprehensive system for the regulation and supervision of National Insurers and National Agencies, to provide for policyholder protections in the event of an insolvency or impairment of a National Insurer, and for other purposes.

Summary

No summaries available.

Text

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Last updated Apr 05, 2006.
290 pages

Primary Source

View on THOMAS (The Library of Congress)

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Citation

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

4/5/2006--Introduced.
National Insurance Act of 2006 - 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.
Authorizes the Commissioner to:
(1) license insurers that are not National Insurers to provide reinsurance; and
(2) issue federal insurance producer licenses.
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, as appropriate, in a case of insolvency or one of other specified hazardous financial conditions.
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 placed in federal receivership.
Applies federal antitrust laws to National Insurers, National Agencies, and federally licensed insurance producers, except regarding standard insurance policy forms.
Exempts National Insurers, National Agencies, and federally licensed insurance producers from state regulation, except as expressly provided in this Act.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.

No summary available.

House Democratic Caucus Summary

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The bill contains the following citations to other parts of U.S. law:

Slip Laws

Slip laws refer to enacted bills and joint resolutions in their original form as enacted by Congress, that is, before other laws amend them. Slip laws are cited as “Public Law XXX-YYY”, where XXX is the number of the Congress in which the bill or resolution was introduced.

United States Code

The United States Code is the compilation of permanent laws enacted by Congress. Temporary and other non-permanent laws do not appear in the United States Code. (About half of the United States Code is the law itself, called positive law. The other half is merely a compilation of the laws but has no legal significance.)

Statutes at Large

The United States Statutes at Large is the compilation of all laws enacted by Congress.

  • 49 Stat. 1526
  • 59 Stat. 33
  • 113 Stat. 1338

Other Citations

  • 5 U.S.C. Chapter 5
  • 5 U.S.C. Chapter 53
  • 5 U.S.C. Chapter 6
  • 5 U.S.C. Chapter 7
  • 18 U.S.C. Chapter 21
  • 31 U.S.C. Chapter 15