Policyholder Protection Act of 2015
Latest action · Nov 17, 2015 Received in the Senate and 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.
- IntroducedMar 19, 2015
- Passed HouseNov 16, 2015
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Policyholder Protection Act of 2015
(Sec. 2) This bill amends the Federal Deposit Insurance Act to declare that any action of the Federal Deposit Insurance Corporation (FDIC) that requires a bank holding company to provide funds or other assets to a subsidiary depository institution is neither effective nor enforceable with respect to a savings and loan holding company that is also an insurance company, an affiliate of an insured depository institution that is an insurance company, or any other company that is an insurance company and directly or indirectly controls an insured depository institution (entities) if:
- such funds or assets are to be provided by the entity, and
- the relevant state insurance authority determines that such an action would have a materially adverse effect on the entity's financial condition.
The bill declares that requiring a bank holding company that is an insurance company to serve as a source of financial strength shall be deemed the kind of action of the Board of Governors of the Federal Reserve System that requires a bank holding company to provide funds or other assets to a subsidiary depository institution for specified purposes of the Bank Holding Company Act of 1956.
The Dodd-Frank Wall Street Reform and Consumer Protection Act is amended, with respect to systemic risk determination and the treatment of insurance companies and their subsidiaries, to authorize the FDIC to stand in the place of the appropriate regulatory agency and file a judicial action to place such companies into orderly rehabilitation under state law if the appropriate regulatory agency has not done so.
The FDIC, when funding the orderly liquidation of an insurance company or its subsidiary, shall notify the relevant state insurance authority promptly of its intention to take a lien on the company's assets.
The FDIC may take such a lien only:
- to secure repayment of funds made available to such covered financial company or covered subsidiary; and
- if it determines that the lien will neither unduly impede nor delay the liquidation or rehabilitation of the insurance company, or the recovery by its policyholders.
Cosponsors 35
Members who signed on, in the order they did. Signatures ran from Mar 19, 2015 to Oct 28, 2015; 1 is an original cosponsor, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-CA | Brad Sherman | Original | Mar 19, 2015 |
| D-GU | Madeleine Z. Bordallo | Apr 15, 2015 | |
| R-TN | John J. Duncan, Jr. | Apr 16, 2015 | |
| R-FL | Dennis A. Ross | Apr 20, 2015 | |
| R-AL | Bradley Byrne | Apr 22, 2015 | |
| R-OH | Steve Stivers | Apr 22, 2015 | |
| R-TN | Stephen Lee Fincher | Apr 23, 2015 | |
| R-MO | Ann Wagner | Apr 27, 2015 | |
| R-MI | Bill Huizenga | Apr 27, 2015 | |
| R-SC | Joe Wilson | Apr 27, 2015 | |
| R-NV | Joseph J. Heck | Apr 27, 2015 | |
| R-SC | Mick Mulvaney | Apr 27, 2015 | |
| R-NC | Walter B. Jones | Apr 27, 2015 | |
| R-WI | Glenn Grothman | Apr 29, 2015 | |
| R-IA | Rod Blum | Apr 29, 2015 | |
| R-CO | Scott R. Tipton | Apr 29, 2015 | |
| R-NM | Stevan Pearce | Apr 29, 2015 | |
| R-KY | Brett Guthrie | May 12, 2015 | |
| R-SD | Kristi L. Noem | May 12, 2015 | |
| R-IL | Randy Hultgren | May 12, 2015 | |
| R-WI | Sean P. Duffy | May 12, 2015 | |
| R-NV | Mark E. Amodei | May 18, 2015 | |
| R-FL | Daniel Webster | May 29, 2015 | |
| R-OH | David P. Joyce | May 29, 2015 | |
| R-AZ | Paul A. Gosar | May 29, 2015 | |
| R-AL | Martha Roby | Jun 1, 2015 | |
| R-ME | Bruce Poliquin | Jun 16, 2015 | |
| R-ND | Kevin Cramer | Jul 8, 2015 | |
| R-KY | Andy Barr | Jul 21, 2015 | |
| R-MD | Andy Harris | Jul 27, 2015 | |
| R-NC | Robert Pittenger | Sep 9, 2015 | |
| R-MN | Tom Emmer | Sep 10, 2015 | |
| D-WA | Denny Heck | Sep 16, 2015 | |
| R-OK | Frank D. Lucas | Sep 24, 2015 | |
| D-MD | John K. Delaney | Oct 28, 2015 |
Committees 2
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 Mar 19, 2015Markup Nov 4, 2015Reported Nov 16, 2015 |
| Senate | Banking, Housing, and Urban Affairs Committee | Referred Nov 17, 2015 |
Actions 13
Everything that happened, newest first.
- Nov 17, 2015Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- Nov 16, 2015Reported (Amended) by the Committee on Financial Services. H. Rept. 114-338.
- Nov 16, 2015Placed on the Union Calendar, Calendar No. 260.
- Nov 16, 2015Mr. Posey moved to suspend the rules and pass the bill, as amended.
- Nov 16, 2015Considered under suspension of the rules. (consideration: CR H8217-8219)
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 |
|---|---|---|---|
| House | Debate and remarks H8217–H8219Text printed H8217 | Bill Posey R-FL, Blaine Luetkemeyer R-MO, Brad Sherman D-CA, Gwen Moore D-WI | Nov 16, 2015 |
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.
Committee report
Congressional Budget Office cost estimate
- Nov 16, 2015H.R. 1478, Policyholder Protection Act of 2015As ordered reported by the House Committee on Financial Services on November 4, 2015
Constitutional authority
The sponsor’s statement, as printed in the Congressional Record, vol. 161, no. 47, March 19, 2015, page H1804.
CRS reports 1
Congressional Research Service work that CRS links to this bill or the law it became, newest first.
Cite it 1
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 |
Related bills 4
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 798 | Policyholder Protection Act of 2015 | Identical bill | Apr 30, 2015 |
| S 1910 | Financial Services and General Government Appropriations Act, 2016 | Related bill | Jul 30, 2015 |
| HR 2029 | Consolidated Appropriations Act, 2016 | Related bill | Dec 18, 2015 |
| S 2132 | An Act Making Appropriations to Stop Regulatory Excess and for Other Purposes, 2016 | Related bill | Oct 6, 2015 |
Titles 3
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To provide for notice to, and input by, State insurance commissioners when requiring an insurance company to serve as a source of financial strength or when the Federal Deposit Insurance Corporation places a lien against an insurance company's assets, and for other purposes.
- Short Titles as Introduced
- Policyholder Protection Act of 2015
- Short Titles as Passed House
- Policyholder Protection Act of 2015
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
Text 4
Each version as it was printed, newest first.
- Nov 17, 2015Referred in Senate
- Nov 16, 2015Engrossed in House
- Nov 16, 2015Reported in House
- Mar 19, 2015Introduced 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.
