National Insurance Act of 2007
Latest action · May 24, 2007 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
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.
- IntroducedMay 24, 2007
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
National Insurance Act of 2007 - 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, including mandatory election for either national or state participating policy procedures governing a national life insurer in mutual form.
Sets forth requirements governing prompt corrective action.
Authorizes the Commissioner to: (1) license insurers that are not national insurers to provide reinsurance; and (2) issue federal insurance producer licenses.
Restricts specified state actions.
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.
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 under federal receivership.
Sets forth requirements governing claims covered for policy holders of national property/casualty insurers.
Applies federal antitrust laws to national insurers, national agencies, and federally licensed insurance producers.
Exempts national insurers, national agencies, and federally licensed insurance producers from state regulation, except as expressly provided in this Act.
Cosponsors 1
Members who signed on, in the order they did. All signed on May 24, 2007.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-SD | Tim Johnson | Original | May 24, 2007 |
Actions 3
Everything that happened, newest first.
- May 24, 2007Introduced in Senate
- May 24, 2007Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- May 24, 2007Sponsor introductory remarks on measure. (CR S6849)
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 3200 | National Insurance Act of 2007 | Related bill | Jul 26, 2007 |
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
- Antitrust law
- Bankruptcy
- Casualty insurance
- Commerce
- Corporate mergers
- Corporate reorganizations
- Department of the Treasury
- Executive reorganization
- Federal preemption
- Finance and Financial Sector
- Government Operations and Politics
- Holding companies
- Insurance agents
- Insurance companies
- Insurance law
- Law
- Licenses
- Life insurance
- Ombudsman
- Property insurance
- State laws
Text 1
Each version as it was printed, newest first.
- May 24, 2007Introduced in Senate
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.