Primary Regulators of Insurance Vote Act of 2021

I 117TH CONGRESS 1ST SESSION H. R. 3099 To amend the Financial Stability Act of 2010 to include the State insurance commissioner as a voting member of the Financial Stability Oversight Council, and for other purposes. IN THE HOUSE OF REPRESENTATIVES MAY 11, 2021 Mr. GARAMENDI (for himself, Mr. LOUDERMILK, Mr. MOONEY, and Mr. WIL- LIAMS of Texas) introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the Financial Stability Act of 2010 to include the State insurance commissioner as a voting member of the Financial Stability Oversight Council, and for other purposes. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘Primary Regulators 4 of Insurance Vote Act of 2021’’. 5 VerDate Sep 11 2014 23:46 Jun 10, 2021 Jkt 019200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H3099.IH H3099 kjohnson on DSK79L0C42PROD with BILLS 2 •HR 3099 IH SEC. 2. ESTABLISHMENT OF STATE INSURANCE COMMIS- 1 SIONER AS A VOTING MEMBER OF THE FI- 2 NANCIAL STABILITY OVERSIGHT COUNCIL. 3 Section 111 of the Financial Stability Act of 2010 4 (12 U.S.C. 5321) is amended— 5 (1) in subsection (b)— 6 (A) in paragraph (1)— 7 (i) by redesignating subparagraph (J) 8 as subparagraph (K); 9 (ii) in subparagraph (I), by striking 10 ‘‘and’’ at the end; and 11 (iii) by inserting after subparagraph 12 (I) the following new subparagraph: 13 ‘‘(J) a State insurance commissioner, ap- 14 pointed by the President, by and with the ad- 15 vice and consent of the Senate, as described in 16 paragraph (4); and’’; and 17 (B) by adding at the end the following new 18 paragraph: 19 ‘‘(4) STATE INSURANCE COMMISSIONER.—Be- 20 fore making any appointments pursuant to para- 21 graph (1)(J), the President shall request a list of 22 recommended candidates from the States through 23 the National Association of Insurance Commis- 24 sioners. The President may appoint a member under 25 paragraph (1)(J) that does not appear on such list. 26 VerDate Sep 11 2014 23:46 Jun 10, 2021 Jkt 019200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H3099.IH H3099 kjohnson on DSK79L0C42PROD with BILLS 3 •HR 3099 IH If the National Association of Insurance Commis- 1 sioners fails to submit such list within 15 business 2 days after the date of the request, the President 3 may appoint a member under paragraph (1)(J) 4 without considering the views of the National Asso- 5 ciation of Insurance Commissioners.’’; and 6 (2) in subsection (c)— 7 (A) in paragraph (1), by inserting ‘‘, the 8 State insurance commissioner shall serve for a 9 term of 4 years’’ after ‘‘6 years’’; 10 (B) by amending paragraph (2) to read as 11 follows: 12 ‘‘(2) VACANCIES.— 13 ‘‘(A) IN GENERAL.—Subject to subpara- 14 graph (B), any vacancy on the Council shall be 15 filled in the manner in which the original ap- 16 pointment was made. 17 ‘‘(B) STATE INSURANCE COMMISSIONER.— 18 With respect to a vacancy in the membership of 19 the State insurance commissioner serving under 20 subsection (b)(1)(J)— 21 ‘‘(i) the Federal Vacancy Reform Act 22 (5 U.S.C. 3345 et seq.) shall not apply; 23 and 24 VerDate Sep 11 2014 23:46 Jun 10, 2021 Jkt 019200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H3099.IH H3099 kjohnson on DSK79L0C42PROD with BILLS 4 •HR 3099 IH ‘‘(ii) such vacancy shall be filled by a 1 State insurance commissioner, to be des- 2 ignated by a selection process determined 3 by the State insurance commissioners, who 4 shall serve as a nonvoting member of the 5 Council until a successor is appointed and 6 confirmed.’’; and 7 (C) in paragraph (4)— 8 (i) by striking ‘‘INDEPENDENT MEM- 9 BER’’ in the heading, and inserting ‘‘IN- 10 SURANCE MEMBERS’’; and 11 (ii) striking ‘‘subsection (b)(1)(J)’’ 12 and inserting ‘‘subsection (b)(1)(K) or the 13 State insurance commissioner serving 14 under subsection (b)(1)(J)’’. 15 SEC. 3. REPEAL OF STATE INSURANCE COMMISSIONER AS 16 NONVOTING MEMBER OF FSOC. 17 (a) IN GENERAL.—Section 111(b)(2) of the Finan- 18 cial Stability Act of 2010 (12 U.S.C. 5321(b)(2)) is 19 amended by striking subparagraph (C) and redesignating 20 subparagraphs (D) and (E) as subparagraphs (C) and 21 (D), respectively. 22 (b) CONFORMING AMENDMENT.—Section 111(c)(1) 23 of such Act (12 U.S.C. 5321(c)(1)) is amended by striking 24 VerDate Sep 11 2014 23:46 Jun 10, 2021 Jkt 019200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6201 E:\BILLS\H3099.IH H3099 kjohnson on DSK79L0C42PROD with BILLS 5 •HR 3099 IH by ‘‘subparagraphs (C), (D), and (E)’’ and inserting ‘‘sub- 1 paragraphs (C) and (D)’’. 2 SEC. 4. TEMPORARY SERVICE; TRANSITION. 3 Notwithstanding the amendments made by this Act, 4 during the period beginning on the date of the enactment 5 of this Act and ending on the date on which the State 6 insurance commissioner is appointed and confirmed pursu- 7 ant to section 111(b)(1) of the Financial Stability Act of 8 2010 (12 U.S.C. 5321(b)(1)), as amended by section 2, 9 section 111(b)(2)(C) of the Financial Stability Act of 10 2010 (12 U.S.C. 5321(b)(2)(C)) shall continue to apply. 11 SEC. 5. TECHNICAL AND CLARIFYING AMENDMENTS. 12 The Financial Stability Act of 2010 (12 U.S.C. 5311 13 et seq.) is amended— 14 (1) in section 102(a), by adding at the end the 15 following new paragraph: 16 ‘‘(8) COUNCIL.—The term ‘Council’ means the 17 Financial Stability Oversight Council established in 18 section 111.’’; 19 (2) in section 112(a)(2)(D), by striking ‘‘to 20 monitor’’ and inserting ‘‘monitor’’; 21 (3) in section 154(c)(1)— 22 (A) by striking ‘‘CENTER.—’’ and all that 23 follows through ‘‘The Research’’ and inserting 24 the following: ‘‘CENTER.—The Research’’; and 25 VerDate Sep 11 2014 23:46 Jun 10, 2021 Jkt 019200 PO 00000 Frm 00005 Fmt 6652 Sfmt 6201 E:\BILLS\H3099.IH H3099 kjohnson on DSK79L0C42PROD with BILLS 6 •HR 3099 IH (B) by redesignating subparagraphs (A) 1 through (H) as paragraphs (1) through (8), re- 2 spectively; and 3 (4) in section 155(a)(2), by striking the comma 4 after ‘‘subsection (c)’’. 5 Æ VerDate Sep 11 2014 23:46 Jun 10, 2021 Jkt 019200 PO 00000 Frm 00006 Fmt 6652 Sfmt 6301 E:\BILLS\H3099.IH H3099 kjohnson on DSK79L0C42PROD with BILLS