Summary: H.R.1880 — 111th Congress (2009-2010)All Information (Except Text)

There is one summary for H.R.1880. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (04/02/2009)

National Insurance Consumer Protection Act - Establishes in the Department of the Treasury the Office of National Insurance (Office), headed by a Commissioner, with regulatory oversight over national insurers and national insurance agencies.

Directs the Commissioner to license, regulate, and supervise national insurance producers.

Requires the Commissioner to establish: (1) a Division of Consumer Affairs; (2) a Division of Insurance Fraud; and (3) an Office of the Ombudsman.

Authorizes the Commissioner to provide for the registration of insurance self-regulatory organizations and to supervise and regulate them.

Requires the Commissioner to: (1) issue regulations on prudential supervision; (2) require national insurers and national insurance agencies to comply with federal anti-money laundering requirements; (3) promulgate regulations for prompt corrective action for any hazardous financial condition of a national insurer; (4) issue charters for national insurers and national agencies; (5) promulgate financial, policy, and market conduct standards; and (6) establish standards for a national insurance holding company.

Authorizes the Commissioner to: (1) examine national insurers or national insurance agencies; (2) impose fees upon national insurers, national insurance agencies, and national insurance producers; (3) revoke the charter of a national insurer or national insurance agency for specified cause, (4) implement enforcement powers, including cooperation with foreign governments; (5) secure bilateral and multilateral agreements with foreign insurance regulators and regional and global regulatory organizations; and (6) license individual persons as a national insurance producer.

Establishes criminal penalties for insurance fraud by national insurers, national insurance agencies, national insurance producers, and other persons.

Directs the President to designate a systemic risk regulator for a national insurer and any insurance company subject to state supervision.

Establishes: (1) the Coordinating National Council for Financial Regulators; and (2) the National Insurance Guaranty Corporation.

Prescribes procedures for conservatorship, receivership, benefits and claims payments, and assessments on national insurers.

Exempts insurers, national insurance agencies, and national insurance producers from state supervision relating to the sale, solicitation, negotiation, or underwriting of insurance, or to any other insurance operations.