113 HR 605 IH: Insurance Consumer Protection and Solvency Act of 2013 U.S. House of Representatives 2013-02-08 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I 113th CONGRESS 1st Session H. R. 605 IN THE HOUSE OF REPRESENTATIVES February 8, 2013 Mr. Posey introduced the following bill; which was referred to the Committee on Financial Services A BILL To exclude insurance companies from the Federal Depository Insurance Corporation’s orderly liquidation authority.

1.

Short title

This Act may be cited as the Insurance Consumer Protection and Solvency Act of 2013.

2.

Liquidation authority

(a)

Definition of financial company

Clause (iii) of section 201(a)(11)(B) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 5381(a)(11)(B)(iii)) is amended by inserting an insurance company or after other than. (b)

Treatment of insurance companies and subsidiaries

Subsection (e) of section 203 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 5383(e)) is amended— (1)in paragraph (1)— (A)by striking if an insurance company is a covered financial company or a subsidiary or affiliate of a covered financial company,; and (B)by striking such insurance and inserting an insurance; and (2)by striking paragraph (3). (c)

Assessments

Paragraph (1) of section 210(o) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 5390(o)(1)) is amended by inserting , excluding an insurance company subject to assessment pursuant to applicable State law to cover (or reimburse payments made to cover) the costs of rehabilitation, liquidation, or other State insolvency proceeding with respect to 1 or more insurance companies, after $50,000,000,000 each place such term appears.