Insurance Industry Modernization and Consumer Protection Act
Latest action · Mar 18, 2002 Referred to the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedFeb 14, 2002
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Prescribes guidelines for the supervision of national insurers, including: (1) annual on-site financial examination and onsite market conduct examination of each national insurer; (2) Federal license revocation, suspension, or restriction; (3) insurance fraud investigation; and (4) cooperative efforts with State and international insurance authorities.
Prohibits a national insurer from underwriting or selling any line of insurance for which it does not hold a Federal license.
Prescribes guidelines for establishment, subject to the Director's regulatory oversight, of a "protected cell" mechanism (identified pool of assets and liabilities of a national insurer segregated and insulated from the remainder of the insurer's assets and liabilities).
Requires the Director to establish standards for financial regulation of national insurers.
Places the following within the Director's regulatory purview: (1) insurance policy products; (2) life insurance underwriting; (3) group, blanket and franchise insurance; (4) insurance market conduct; (5) minimum national insurance standards; and (6) acquisitions of control, mergers, bulk transfers, and domestication of insurance companies.
Instructs the Director to submit recommendations to Congress whether national insurers should be authorized to underwrite health insurance.
Exempts specified activities of insurers from U.S. antitrust law.
Sets forth a regulatory scheme governing national insurers who are members of an insurance holding company system.
Preempts State insurance laws with respect to regulation of national insurers.
Sets forth a bankruptcy scheme for insolvent national insurers in receivership, including: (1) non-U.S. insurers; and (2) the business of life, property and casualty insurance.
Cosponsors 1
Members who signed on, in the order they did. All signed on Feb 14, 2002.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-OH | Stephanie Tubbs Jones | Original | Feb 14, 2002 |
Committees 3
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Financial Services Committee | Referred Feb 14, 2002 |
| Capital Markets Subcommittee | Referred Mar 18, 2002 | |
| House | Judiciary Committee | Referred Feb 14, 2002 |
| House | Ways and Means Committee | Referred Feb 14, 2002 |
Actions 4
Everything that happened, newest first.
- Mar 18, 2002Referred to the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises.
- Feb 15, 2002Sponsor introductory remarks on measure. (CR E181-182)
- Feb 14, 2002Introduced in House
- Feb 14, 2002Referred to the Committee on Financial Services, and in addition to the Committees on the Judiciary, and Ways and Means, 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.
In the Congressional Record 1
Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.
| Where | In the Record | Members | Date |
|---|---|---|---|
| Extensions | Debate and remarks E181 | John J. LaFalce D-NY | Feb 15, 2002 |
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Printed hearings 1
Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.
| Number | Hearing | Committee | Held |
|---|---|---|---|
| Serial No. 107-72 | INSURANCE REGULATION AND COMPETITION FOR THE 21ST CENTURY474 pages | Financial Services Committee | Jun 4, 2002–Jun 18, 2002 |
CRS reports 5
Congressional Research Service work that CRS links to this bill or the law it became, newest first.
Cite it 5
Products on other subjects that cite it, usually among other measures.
| Product | Title | Kind | Published |
|---|---|---|---|
| R44046 | Insurance Regulation: Background, Overview, and Legislation in the 114th Congress Archived | Report | Dec 30, 2016 |
| R43067 | Insurance Regulation: Issues, Background, and Legislation in the 113th Congress Archived | Report | Jan 2, 2015 |
| R42038 | Insurance Regulation: Issues, Background, and Legislation in the 112th Congress Archived | Report | Nov 27, 2012 |
| RL34286 | Insurance Regulation: Federal Charter Legislation Archived | Report | Feb 3, 2011 |
| RL32175 | Insurance Guaranty Funds Archived | Report | Feb 27, 2008 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To establish an Office of the National Insurers within the Department of the Treasury to authorize the issuance of Federal charters for carrying out the underwriting and sale of insurance or any other insurance operations, and for other purposes.
- Short Titles as Introduced
- Insurance Industry Modernization and Consumer Protection Act
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
- Accident insurance
- Accounting
- Accounting and auditing
- Administrative fees
- Administrative procedure
- Administrative remedies
- Administrative responsibility
- Advertising
- Advice and consent of the Senate
- Affiliated corporations
- AIDS (Disease)
- Aliens
- American technical assistance
- Annuities
- Antitrust law
- Appellate procedure
- Associations, institutions, etc.
- Auditing
- Bankruptcy
- Bankruptcy courts
- Business ethics
- Business losses
- Business records
- Capital
- Casualty insurance
- Charities
- Civil actions and liability
- Civil procedure
- Civil Rights and Liberties, Minority Issues
- Claims
- Collection of accounts
- Commerce
- Commercial arbitration
- Compensation (Law)
- Compensation for victims of crime
- Confidential communications
- Congress
- Congressional reporting requirements
- Consumer affairs departments
- Consumer education
- Consumer protection
- Contracts
- Corporate finance
- Corporate governance
- Corporate mergers
- Corporate reorganizations
- Corporation directors
- Crime and Law Enforcement
- Criminal justice information
- Damages
- Data banks
- Debtor and creditor
- Deceptive advertising
- Delegation of powers
- Department of the Treasury
- Derivative securities
- Disability insurance
- Disabled
- Discrimination in insurance
- Dismissal of employees
- District courts
- Dividends
- Economics and Public Finance
- Embezzlement
- Evidence (Law)
- Executive reorganization
- Executives
- Family violence
- Federal advisory bodies
- Federal incorporation
- Federal preemption
- Federal-state relations
- Finance and Financial Sector
- Financial statements
- Fines (Penalties)
- Foreign corporations
- Foreign Trade and International Finance
- Forgery
- Fraud
- Freedom of information
- Government Operations and Politics
- Government paperwork
- Government trust funds
- Governmental investigations
- Health
- Health education
- Health insurance
- History
- Holding companies
- Human immunodeficiency viruses
- Indemnity
- Indictments
- Information disclosure (Securities law)
- Informed consent (Medical law)
- Informers
- Injunctions
- Insurance
- Insurance agents
- Insurance companies
- Insurance premiums
- Insurance rates
- Interest
- International Affairs
- International competitiveness
- International cooperation
- Investments
- Jewish holocaust (1939-1945)
- Judicial review of administrative acts
- Jurisdiction
- Labor and Employment
- Law
- Leases
- Legal fees
- Legislation
- Liability (Law)
- Liability insurance
- Licenses
- Liens
- Life insurance
- Limitation of actions
- Long-term care insurance
- Medical tests
- Minorities
- Money laundering
- Mortgage banks
- Nonprofit organizations
- Organized crime
- Parties to actions
- Presidential appointments
- Property insurance
- Racial discrimination
- Reinsurance
- Religion
- Religious liberty
- Restrictive trade practices
- Sales promotion
- Science, Technology, Communications
- Securities
- Sex discrimination in insurance
- Social Welfare
- State courts
- State laws
- State taxation
- Stockholders
- Stockholders' voting
- Subsidiary corporations
- Surety and fidelity
- Taxation
- Trade agreements
- Trade negotiations
- Trusts and trustees
- Valuation
- Victims of crimes
- Women
- Workers' compensation
Text 1
Each version as it was printed, newest first.
- Feb 14, 2002Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
