119 HR 4735 IH: Business of Insurance Regulatory Reform Act of 2025 U.S. House of Representatives 2025-07-23 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.

I119th CONGRESS1st SessionH. R. 4735IN THE HOUSE OF REPRESENTATIVESJuly 23, 2025Mr. Steil (for himself, Mr. Barr, Mr. Meuser, Mr. Huizenga, Mr. Fitzgerald, and Mr. Nunn of Iowa) introduced the following bill; which was referred to the Committee on Financial ServicesA BILLTo amend the Consumer Financial Protection Act of 2010 to clarify the authority of the Bureau of Consumer Financial Protection with respect to persons regulated by a State insurance regulator, and for other purposes.

1.

Short title

This Act may be cited as the Business of Insurance Regulatory Reform Act of 2025.

2.

Clarification to the authority of the Bureau with respect to persons regulated by a State insurance regulator

Section 1027(f) of the Consumer Financial Protection Act of 2010 (12 U.S.C. 5517(f)) is amended— (1)in paragraph (2)— (A)by striking Description of activities.—Paragraph (1) and inserting: Exceptions.— (A)

Authority

Paragraph (1); and (B)by inserting after subparagraph (A) (as added by this Act) the following new subparagraph: (B)

Limitation

With respect to a person regulated by a State insurance regulator— (i)and if such person is offering or providing a consumer financial product or service, the Bureau may not enforce this title with respect to such person to the extent such person is engaged in the business of insurance; or (ii)and if such person is subject to any enumerated consumer law or any law for which authorities are transferred under subtitle F or H, the authority of the Bureau to enforce such law with respect to such person shall be narrowly construed to the extent such person is engaged in the business of insurance.; and (2)by adding at the end the following new paragraph: (4)

Rule of construction

The enforcement of this title shall be broadly construed in favor of the authority of a State insurance regulator with respect to a person regulated by a State insurance regulator..