[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6423 Introduced in House (IH)]

112th CONGRESS
  2d Session
                                H. R. 6423

 To exclude insurance companies from the Federal Depository Insurance 
            Corporation's ``orderly liquidation authority''.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           September 14, 2012

Mr. Posey (for himself and Mrs. Biggert) 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''.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Insurance Consumer Protection and 
Solvency Act of 2012''.

SEC. 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.
                                 <all>