Policyholder Protection Act of 2015
Latest action · Apr 30, 2015 Committee on Banking, Housing, and Urban Affairs Subcommittee on Securities, Insurance, and Investment. Hearings held. With printed Hearing: S.Hrg. 114-94.
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 SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Policyholder Protection Act of 2015
Amends the Federal Deposit Insurance Act to declare that any regulation, order, or other 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 shall not be effective nor enforceable with respect to an entity that is 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 that directly or indirectly controls an insured depository institution if: (1) such funds or assets are to be provided by the entity, and (2) the state insurance authority for the insurance company determines that such an action would have a materially adverse effect on the entity's financial condition.
Declares that requiring a bank holding company that is an insurance company or such an entity to serve as a source of financial strength shall be deemed the kind of action of the Board to which this Act applies.
Amends the Dodd-Frank Wall Street Reform and Consumer Protection Act, with respect to systemic risk determination and the treatment of insurance companies and their subsidiaries, to authorize the Federal Deposit Insurance Corporation (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.
Requires the FDIC, when funding the orderly liquidation of an insurance company or its subsidiary, to notify the relevant state insurance authority promptly of its intention to take a lien on the company's assets.
Prohibits the FDIC from taking such a lien if the state insurance authority informs it that doing so would have a materially adverse effect upon the insurance company's policyholders.
Cosponsors 7
Members who signed on, in the order they did. Signatures ran from Mar 19, 2015 to Jul 28, 2015; 1 is an original cosponsor, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-MT | Jon Tester | Original | Mar 19, 2015 |
| R-NV | Dean Heller | Apr 20, 2015 | |
| R-ME | Susan M. Collins | Apr 28, 2015 | |
| R-SD | Mike Rounds | May 12, 2015 | |
| R-AL | Jeff Sessions | Jun 2, 2015 | |
| R-MT | Steve Daines | Jun 2, 2015 | |
| R-OH | Rob Portman | Jul 28, 2015 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| Senate | Banking, Housing, and Urban Affairs Committee | Referred Mar 19, 2015 |
| Securities, Insurance, and Investment Subcommittee | Hearings Apr 30, 2015 |
Actions 3
Everything that happened, newest first.
- Apr 30, 2015Committee on Banking, Housing, and Urban Affairs Subcommittee on Securities, Insurance, and Investment. Hearings held. With printed Hearing: S.Hrg. 114-94.
- Mar 19, 2015Introduced in Senate
- Mar 19, 2015Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
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 |
|---|---|---|---|
| S. Hrg. 114-98 | THE STATE OF THE INSURANCE INDUSTRY AND INSURANCE REGULATIONS56 pages | Banking, Housing, and Urban Affairs Committee | Apr 28, 2015 |
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 2
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 1478 | Policyholder Protection Act of 2015 | Identical bill | Nov 17, 2015 |
| HR 2029 | Consolidated Appropriations Act, 2016 | Related bill | Dec 18, 2015 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- A bill 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
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
Text 1
Each version as it was printed, newest first.
- Mar 19, 2015Introduced 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; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
