Primary Regulators of Insurance Vote Act of 2019

I 116TH CONGRESS 1ST SESSION H. R. 2479 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 2, 2019 Mr. HECK (for himself and Mr. LOUDERMILK) 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 2019’’. 5 VerDate Sep 11 2014 04:41 May 08, 2019 Jkt 089200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H2479.IH H2479 kjohnson on DSK79L0C42 with BILLS 2 •HR 2479 IH SEC. 2. ESTABLISHMENT OF STATE INSURANCE COMMIS- 1 SIONER AS A VOTING MEMBER OF THE FI- 2 NANCIAL STABILITY OVERSIGHT COUNCIL. 3 (a) IN GENERAL.—Section 111 of the Financial Sta- 4 bility Act of 2010 (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.—In 20 selecting an individual to appoint as a State insur- 21 ance commissioner under paragraph (1)(J), the 22 President shall request a list of recommendations for 23 such individual from State insurance commissioners 24 through a process determined by the State insurance 25 commissioners. Such recommendations shall not be 26 VerDate Sep 11 2014 04:41 May 08, 2019 Jkt 089200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H2479.IH H2479 kjohnson on DSK79L0C42 with BILLS 3 •HR 2479 IH binding on the President. If the State insurance 1 commissioners fail to submit a list of recommenda- 2 tions within 15 business days after the date of the 3 request, the President may select an individual to 4 appoint without considering such recommenda- 5 tions.’’; 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) in paragraph (2), by inserting the fol- 11 lowing new sentence at the end: ‘‘For a vacancy 12 in the membership of the State insurance com- 13 missioner serving under subsection (b)(1)(J), 14 the President shall appoint another State insur- 15 ance commissioner to serve on the Council for 16 the remainder of the term or until a successor 17 is appointed and confirmed under paragraph 18 (5), whichever is earlier.’’; and 19 (C) by adding at the end the following new 20 paragraph: 21 ‘‘(5) TERM OF STATE INSURANCE COMMIS- 22 SIONER.—Notwithstanding paragraph (1), if a suc- 23 cessor to the State insurance commissioner serving 24 under subsection (b)(1)(J) is not appointed and con- 25 VerDate Sep 11 2014 04:41 May 08, 2019 Jkt 089200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H2479.IH H2479 kjohnson on DSK79L0C42 with BILLS 4 •HR 2479 IH firmed by the end of the term of service of such 1 commissioner, such commissioner may continue to 2 serve until the earlier of— 3 ‘‘(A) 18 months after the date on which 4 the term of service ends; or 5 ‘‘(B) the date on which a successor to such 6 commissioner is appointed and confirmed.’’. 7 (b) CONFORMING AMENDMENT.—Section 111(c)(4) 8 of such Act (12 U.S.C. 5321(c)(4)) is amended by striking 9 ‘‘subsection (b)(1)(J)’’ and inserting ‘‘subsection 10 (b)(1)(K)’’. 11 SEC. 3. REPEAL OF STATE INSURANCE COMMISSIONER AS 12 NONVOTING MEMBER OF FSOC. 13 (a) IN GENERAL.—Section 111(b)(2) of the Finan- 14 cial Stability Act of 2010 (12 U.S.C. 5321(b)(2)) is 15 amended by striking subparagraph (C) and redesignating 16 subparagraphs (D) and (E) as subparagraphs (C) and 17 (D), respectively. 18 (b) CONFORMING AMENDMENT.—Section 111(c)(1) 19 of such Act (12 U.S.C. 5321(c)(1)) is amended by striking 20 by ‘‘subparagraphs (C), (D), and (E)’’ and inserting ‘‘sub- 21 paragraphs (C) and (D)’’. 22 SEC. 4. TEMPORARY SERVICE; TRANSITION. 23 Notwithstanding the amendments made by this Act, 24 during the period beginning on the date of the enactment 25 VerDate Sep 11 2014 04:41 May 08, 2019 Jkt 089200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6201 E:\BILLS\H2479.IH H2479 kjohnson on DSK79L0C42 with BILLS 5 •HR 2479 IH of this Act and ending on the date on which the State 1 insurance commissioner is appointed and confirmed pursu- 2 ant to section 111(b)(1) of the Financial Stability Act of 3 2010 (12 U.S.C. 5321(b)(1)), as amended by section 2, 4 section 111(b)(2)(C) of the Financial Stability Act of 5 2010 (12 U.S.C. 5321(b)(2)(C)) shall continue to apply. 6 Æ VerDate Sep 11 2014 04:41 May 08, 2019 Jkt 089200 PO 00000 Frm 00005 Fmt 6652 Sfmt 6301 E:\BILLS\H2479.IH H2479 kjohnson on DSK79L0C42 with BILLS