H.R. 605 — Introduced in House

I 113th CONGRESS 1st Session H. R. 605 IN THE HOUSE OF REPRESENTATIVES February 8, 2013 Mr. Posey introduced the following bill; which was referred to the Committee on Financial Services A BILL To exclude insurance companies from the Federal Depository Insurance Corporation’s orderly liquidation authority. 1. Short title This Act may be cited as the Insurance Consumer Protection and Solvency Act of 2013. 2. Liquidation authority (a) Definition of financial company Clause (iii) of section 201(a)(11)(B) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 5381(a)(11)(B)(iii)) is amended by inserting an insurance company or after other than. (b) Treatment of insurance companies and subsidiaries Subsection (e) of section 203 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 5383(e)) is amended— (1) in paragraph (1)— (A) by striking if an insurance company is a covered financial company or a subsidiary or affiliate of a covered financial company,; and (B) by striking such insurance and inserting an insurance; and (2) by striking paragraph (3). (c) Assessments Paragraph (1) of section 210(o) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 5390(o)(1)) is amended by inserting , excluding an insurance company subject to assessment pursuant to applicable State law to cover (or reimburse payments made to cover) the costs of rehabilitation, liquidation, or other State insolvency proceeding with respect to 1 or more insurance companies, after $50,000,000,000 each place such term appears.