3.0.0 6225 2023-01-12T17:52:14Z 2023-01-12T17:52:14Z House H HR 2006-09-28 109 hsba00 Financial Services Committee House Standing hsba16 Capital Markets Subcommittee Referred to 2006-10-18T16:02:04Z Referred to 2006-09-28T14:06:07Z hsju00 Judiciary Committee House Standing Referred to 2006-09-28T14:06:12Z National Insurance Act of 2006 109 2509 S 2006-04-05 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Related bill CRS 2006-10-18 hsba16 Capital Markets Subcommittee 1 House committee actions Referred to the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises. Committee 2006-09-28 Referred to the Committee on Financial Services, and in addition to the Committee on the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. IntroReferral H11100 2 House floor actions hsju00 Judiciary Committee 2006-09-28 Referred to the Committee on Financial Services, and in addition to the Committee on the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. IntroReferral H11100-A 9 Library of Congress 2006-09-28 Referred to the Committee on Financial Services, and in addition to the Committee on the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2006-09-28 Introduced in House IntroReferral Intro-H 9 Library of Congress 2006-09-28 Introduced in House IntroReferral 1000 9 Library of Congress R000487 Rep. Royce, Edward R. [R-CA-40] ED ROYCE R CA 40 N Finance and Financial Sector Administrative fees Administrative remedies Bankruptcy Casualty insurance Commerce Congress Congressional investigations Congressional reporting requirements Consumer protection Corporate governance Corporate mergers Corporations Crime and Law Enforcement Criminal investigation Data banks Department of the Treasury Economics and Public Finance Electronic data interchange Electronic government information Executive reorganization Federal preemption Federal-state relations Fines (Penalties) Foreign Trade and International Finance Foreign corporations Fraud Government Operations and Politics Government paperwork Governmental investigations Holding companies Injunctions Insurance agents Insurance companies International Affairs International cooperation Judicial review Law Licenses Life insurance Local taxation Marketing Nonprofit organizations Ombudsman Property insurance Reinsurance Science, Technology, Communications Social Welfare State laws State taxation Taxation Finance and Financial Sector 00 2006-09-28 Introduced in House 2006-11-09T20:15:03Z National Insurance Act of 2006 - Establishes in the Department of the Treasury an Office of National Insurance, 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.

Authorizes the Commissioner to: (1) license insurers that are not National Insurers to provide reinsurance; and (2) issue federal insurance producer licenses.

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.

Provides for prompt corrective action to resolve any hazardous financial condition of a National Insurer, or receivership to rehabilitate or liquidate it.

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 placed in federal receivership.

Applies federal antitrust laws to National Insurers, National Agencies, and federally licensed insurance producers, except regarding standard insurance policy forms.

Exempts National Insurers, National Agencies, and federally licensed insurance producers from state regulation, except as expressly provided in this Act.

]]> National Insurance Act of 2006 Display Title National Insurance Act of 2006 Official Title as Introduced To authorize the issuance of Federal charters and licenses for carrying on the sale, solicitation, negotiation, and underwriting of insurance or any other insurance operations, to provide a comprehensive system for the regulation and supervision of National Insurers and National Agencies, to provide for policyholder protections in the event of an insolvency or impairment of a National Insurer, and for other purposes. Introduced in House IH Short Titles as Introduced National Insurance Act of 2006 Introduced in House 2006-09-28T04:00:00Z 2006-10-18 Referred to the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises. 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. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.