[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4557 Introduced in House (IH)]

113th CONGRESS
  2d Session
                                H. R. 4557

 To amend the Federal Deposit Insurance Act to provide for notice to, 
and input by, State insurance commissioners when requiring an insurance 
  company to serve as a source of financial strength pursuant to such 
                                  Act.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 1, 2014

  Mr. Posey introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
 To amend the Federal Deposit Insurance Act to provide for notice to, 
and input by, State insurance commissioners when requiring an insurance 
  company to serve as a source of financial strength pursuant to such 
                                  Act.

    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 ``Policyholder Protection Act of 
2014''.

SEC. 2. SOURCE OF STRENGTH.

    Section 38A of the Federal Deposit Insurance Act (12 U.S.C. 1831o-
1) is amended--
            (1) by redesignating subsections (c), (d), and (e) as 
        subsections (d), (e), and (f), respectively; and
            (2) by inserting after subsection (b) the following:
    ``(c) Authority of State Insurance Regulator.--
            ``(1) In general.--The provisions of section 5(g) of the 
        Bank Holding Company Act of 1956 (12 U.S.C. 1844(g)) shall 
        apply to a savings and loan holding company that is an 
        insurance company, an affiliate of an insured depository 
        institution that is an insurance company, and to any other 
        company that is an insurance company and that directly or 
        indirectly controls an insured depository institution, to the 
        same extent as such section 5(g) applies to a bank holding 
        company that is an insurance company.
            ``(2) Rule of construction.--Requiring a bank holding 
        company that is an insurance company, a savings and loan 
        holding company that is 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 to serve as a source of financial strength under 
        this section shall be deemed an `action of the Board that 
        requires a bank holding company to provide funds or other 
        assets to a subsidiary depository institution' for purposes of 
        such section 5(g).''.
                                 <all>