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H.R. 3746 (115th): Business of Insurance Regulatory Reform Act of 2017


The text of the bill below is as of Sep 12, 2017 (Introduced).


I

115th CONGRESS

1st Session

H. R. 3746

IN THE HOUSE OF REPRESENTATIVES

September 12, 2017

(for himself and Ms. Moore) introduced the following bill; which was referred to the Committee on Financial Services

A BILL

To amend the Consumer Financial Protection Act of 2010 to clarify the authority of the Bureau of Consumer Financial Protection with respect to persons regulated by a State insurance regulator, and for other purposes.

1.

Short title

This Act may be cited as the Business of Insurance Regulatory Reform Act of 2017.

2.

Clarification to the authority of the Bureau with respect to persons regulated by a State insurance regulator

Section 1027(f) of the Consumer Financial Protection Act of 2010 (12 U.S.C. 5517(f)) is amended—

(1)

in paragraph (2)—

(A)

by striking Description of activities.—Paragraph (1) and inserting

Exceptions.—

(A)

Authority

Paragraph (1)

; and

(B)

by inserting after subparagraph (A) (as added by this Act) the following new subparagraph:

(B)

Limitation

With respect to a person regulated by a State insurance regulator—

(i)

and if such person is offering or providing a consumer financial product or service, the Bureau may not enforce this title with respect to such person to the extent such person is engaged in the business of insurance; or

(ii)

and if such person is subject to any enumerated consumer law or any law for which authorities are transferred under subtitle F or H, the authority of the Bureau to enforce such law with respect to such person shall be narrowly construed to the extent such person is engaged in the business of insurance.

; and

(2)

by adding at the end the following new paragraph:

(4)

Rule of construction

The enforcement of this title shall be broadly construed in favor of the authority of a State insurance regulator with respect to a person regulated by a State insurance regulator.

.