You are here:HomeIssuesProtecting State Insurance Regulation 2018Bill to Affirm State Insurance Regulation Advances

Bill to Affirm State Insurance Regulation Advances

The U.S. House Financial Services Committee has approved the Business of Insurance Regulatory Reform Act (H.R. 3746) to underscore that insurance companies remain under the jurisdiction of state regulators and continue to be free from any prudential supervision by the federal Consumer Financial Protection Bureau...
January 24, 2018

The U.S. House Financial Services Committee has approved the Business of Insurance Regulatory Reform Act (H.R. 3746) to underscore that insurance companies remain under the jurisdiction of state regulators and continue to be free from any prudential supervision by the federal Consumer Financial Protection Bureau (CFPB). The bill was approved by the committee on a voice vote with Democratic support, including bill co-sponsor U.S. Rep. Gwen Moore (D-WI).

“We have spoken extensively about the importance of preserving the successful state-based system of insurance regulation,” said U.S. Rep. Keith Rothfus (R-Pa). The bill would “keep the CFPB within the boundaries of its authority and preserves the state-based system of insurance regulation.”

Under the Dodd-Frank Act, language explicitly excluded the business of insurance from any CFPB supervision, said U.S. Rep. Sean Duffy (R-Wis.), sponsor of the bill. However, the bureau had been exploring elements of the insurance business that it could regulate, he said