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

Introduced:
Apr 05, 2006 (109th Congress, 2005–2006)
Status:
Died (Referred to Committee) in a previous session of Congress
See Instead:

H.R. 6225 (same title)
Referred to Committee — Sep 28, 2006

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

Introduced
Apr 05, 2006
 
Sponsor
John Sununu
Senator from New Hampshire
Party
Republican
Text
Read Text »
Last Updated
Apr 05, 2006
Length
290 pages
Related Bills
S. 40 (110th) was a re-introduction of this bill in a later Congress.

Referred to Committee
Last Action: May 24, 2007

H.R. 6225 (Related)
National Insurance Act of 2006

Referred to Committee
Last Action: Sep 28, 2006

 
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.

 
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.

 
Primary Source

THOMAS.gov (The Library of Congress)

GovTrack gets most information from THOMAS, which is updated generally one day after events occur. Activity since the last update may not be reflected here. Data comes via the congress project.

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Notes

S. stands for Senate bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

GovTrack’s Bill Summary

We don’t have a summary available yet.

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

The House Democratic Caucus does not provide summaries of bills.

So, yes, we display the House Republican Conference’s summaries when available even if we do not have a Democratic summary available. That’s because we feel it is better to give you as much information as possible, even if we cannot provide every viewpoint.

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