,,ii  #aafth ,,congress  #ast ,session  
,s4 #cabc  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,december #ai1 
#bjai,mr4 ,tillis 7for himself and ,ms4 
,sinema7 introduced the following bill2 
which was read twice and referred to the
 ,committee on ,banking1 ,housing1 and  
,urban ,affairs  ,a ,,bill  ,to amend   
the ,home ,owners' ,loan ,act with      
respect to the registration and         
supervision of insurance savings and    
loan holding companies1 and for other   
purposes4  #a4 ,short title ,this ,act  
may be cited as the ,state ,insurance   
,regulation ,preservation ,act4  #b4    
,supervision of insurance savings and   
loan holding companies  7a7 ,definitions
 ,section #aj7;a77#a7 of the ,home      
,owners' ,loan ,act 7#ab ,u4,s4,c4      
#adfg;a7a77#a77 is amended by adding at 
the end the following3  7,k7 ,domicile  
,the term domicile means the ,state in  
which an insurance underwriting company 
or the holding company for the insurance
 underwriting company is incorporated1  

chartered1 or organized4  7,l7 ,business
 of insurance ,the term business of     
insurance means any activity that is    
regulated in accordance with the        
relevant ,state insurance laws and      
regulations1 including the writing of   
insurance and the reinsuring of risks4  
7,m7 ,insurance savings and loan holding
 company ,the term insurance savings and
 loan holding company means-- 7i7 a     
savings and loan holding company with   
#ge percent or more of its total        
consolidated assets in not less than #a 
insurance underwriting company1 other   
than assets associated with insurance   
for credit risk1 during the #d most     
recent consecutive quarters1 as         
calculated in accordance with generally 
accepted accounting principles or the   
statutory accounting principles in      
accordance with ,state law2  7ii7 a     
company that-- 7,i7 was a savings and   
loan holding company as of ,july #ba1   
#bjaj1 and through date of enactment of 
this clause2 and  7,,ii7 was not subject

 to the ,basel ,,iii capital regulation 
promulgated by the ,board of ,governors 
of the ,federal ,reserve ,system and the
 ,comptroller of the ,currency on       
,october #aa1 #bjac 7#gh ,fed4 ,reg4    
#fbjah71 because the savings and loan   
holding company held #be percent or more
 of its total consolidated assets in    
subsidiaries that are insurance         
underwriting companies 7other than      
assets associated with insurance for    
credit risk72 or  7iii7 a top-tier      
savings and loan holding company that-- 
7,i7 was registered as a savings and    
loan holding company before ,july #ba1  
#bjaj2 and  7,,ii7 is a ,new ,york      
not-for-profit corporation formed for   
the purpose of holding the stock of a   
,new ,york insurance company4  7,n7     
,insurance underwriting company ,the    
term insurance underwriting company     
means an insurer that is subject to     
regulation by a ,state insurance        
authority of the domicile of the        
insurer4  7,o7 ,state insurance         

authority ,the term ,state insurance    
authority means the ,state insurance    
authority of the ,state in which an     
insurance underwriting company or the   
holding company for the insurance       
underwriting company is domiciled4  7,p7
 ,top-tier savings and loan holding     
company ,the term top-tier savings and  
loan holding company means the ultimate 
parent company in a savings and loan    
holding company structure4  4  7b7      
,registration ,section #aj7;b77#a7 of   
the ,home ,owners' ,loan ,act 7#ab      
,u4,s4,c4 #adfg;a7b77#a77 is amended by 
adding at the end the following3 ,a     
savings and loan holding company that is
 an insurance savings and loan holding  
company shall register as an insurance  
savings and loan holding company44  7c7 
,reports ,section #aj7;b77#b7 of the    
,home ,owners' ,loan ,act 7#ab ,u4,s4,c4
 #adfg;a7b77#b77 is amended by adding at
 the end the following3  7,d7 ,insurance
 savings and loan holding companies ,the
 ,board1 to the fullest extent possible1

 shall request reports and other        
information filed by insurance savings  
and loan holding companies and any      
insurance underwriting company that is a
 subsidiary of the insurance savings and
 loan holding company with other        
,federal authorities and the ,state     
insurance authority for the insurance   
savings and loan holding company before 
requesting those reports or information 
from the insurance savings and loan     
holding company or any insurance        
underwriting company that is a          
subsidiary of the insurance savings and 
loan holding company4  7,e7 ,rule of    
construction ,nothing in this section   
may be construed as prohibiting the     
,board from requesting reports and other
 information that is not otherwise      
collected and shared with other ,federal
 or ,state authorities4  4  7d7 ,books  
and records ,section #aj7;b77#c7 of the 
,home ,owners' ,loan ,act 7#ab ,u4,s4,c4
 #adfg;a7b77#c77 is amended-- 7#a7 by   
striking ,each and inserting the        

following3  7,a7 ,in general ,each  2   
and  7#b7 by inserting at the end the   
following3  7,b7 ,insurance savings and 
loan holding companies ,the ,board1 to  
the fullest extent possible1 shall align
 any prescribed recordkeeping           
requirements for an insurance savings   
and loan holding company with the       
recordkeeping requirements imposed by   
the ,state insurance authority of the   
insurance savings and loan holding      
company and any insurance underwriting  
company that is a subsidiary of the     
insurance savings and loan holding      
company4  4  7e7 ,examinations ,section 
#aj7;b77#d77;,c7 of the ,home ,owners'  
,loan ,act 7#ab ,u4,s4,c4               
#adfg;a7b77#d77;,c77 is amended-- 7#a7  
in clause 7i71 by striking the word and 
at the end2  7#b7 in clause 7ii71 by    
striking the period at the end and      
inserting 2 and2 and  7#c7 by adding at 
the end the following3  7iii7 ,insurance
 savings and loan holding companies     
7,i7 ,coordination ,the ,board1 to the  

fullest extent possible1 shall          
coordinate examinations of an insurance 
savings and loan holding company in     
conjunction with the ,state insurance   
authority of the insurance savings and  
loan holding company and any insurance  
underwriting company that is a          
subsidiary of insurance savings and loan
 holding company and other ,state and   
,federal authorities in order to        
minimize the potential for duplication  
and conflict between the examinations   
conducted by the ,board and the         
examinations conducted by other ,state  
and ,federal authorities4  7,,ii7 ,scope
 and frequency ,following public notice 
and comment1 the ,board shall establish 
a schedule for the frequency and the    
scope of examinations of insurance      
savings and loan holding companies that 
is consistent with the supervisory      
framework required under paragraph 7#g74
  4  7f7 ,supervision ,section #aj7;b7  
of the ,home ,owners' ,loan ,act 7#ab   
,u4,s4,c4 #adfg;a7b77 is amended by     

inserting at the end the following3     
7#g7 ,insurance savings and loan holding
 companies  7,a7 ,tailored supervision  
,the ,board1 by rule1 shall establish a 
supervisory framework for insurance     
savings and loan holding companies      
that--  7i7 is tailored to the unique   
risks1 operations1 and activities of    
insurance savings and loan holding      
companies2 and  7ii7 to the fullest     
extent possible1 and consistent with the
 safe and sound operation of insurance  
savings and loan holding companies1 does
 not unnecessarily duplicate the        
supervision of insurance underwriting   
companies by the ,state insurance       
authorities for insurance savings and   
loan holding companies or insurance     
underwriting companies that are         
subsidiaries of insurance savings and   
loan holding companies4  7,b7 ,review of
 supervisory guidance ,following public 
notice and comment1 the ,board shall    
review and revise supervisory policy    
letters and guidance applicable to      

insurance savings and loan holding      
companies to ensure that those letters  
and guidance are not inconsistent with  
the supervisory framework required under
 this paragraph4  4  #c4 ,assessments   
and fees for insurance savings and loan 
holding companies ,the second subsection
 7s7 of section #aa of the ,federal     
,reserve ,act 7#ab ,u4,s4,c4 #bdh2      
relating to assessments and fees7 is    
amended by adding at the end the        
following3  7#d7 ,excluded assets ,for  
purposes of paragraph 7#b77;,b71 the    
total consolidated assets of an         
insurance savings and loan holding      
company1 as defined in section          
#aj7;a77#a7 of the ,home ,owners' ,loan 
,act 7#ab ,u4,s4,c4 #adfg;a7a77#a771    
shall not include assets attributable to
 the business of insurance conducted by 
the insurance savings and loan holding  
company or any affiliate of the         
insurance savings and loan holding      
company1 other than assets associated   
with insurance for credit risk4  4  #d4 

,implementation  7a7 ,definition of     
,board ,in this section1 the term ,board
 means the ,board of ,governors of the  
,federal ,reserve ,system4  7b7         
,implementation of supervisory framework
 ,not later than #b years after the date
 of enactment of this ,act1 the ,board  
shall establish the supervisory         
framework required under paragraph 7#g7 
of section #aj7;b7 of the ,home ,owners'
 ,loan ,act 7#ab ,u4,s4,c4 #adfg;a7b771 
as added by this ,act4  7c7 ,review of  
supervisory guidance ,not later than #cj
 months after the date of enactment of  
this ,act1 the ,board shall complete the
 review of supervisory policy letters   
and policy guidance required under      
paragraph 7#g7 of section #aj7;b7 of the
 ,home ,owners' ,loan ,act 7#ab         
,u4,s4,c4 #adfg;a7b771 as added by this 
,act4  7d7 ,report to congress ,not     
later than #c years after the date of   
enactment of this ,act1 the ,board shall
 submit to the ,committee on ,banking1  
,housing1 and ,urban ,affairs of the    

,senate and the ,committee on ,financial
 ,services of the ,house of             
,representatives a report on the        
implementation of this ,act4  #e4       
,relationship to other laws ,this ,act  
and the amendments made by this ,act    
shall not limit any authority over      
insurance savings and loan holding      
companies1 as defined in section        
#aj7;a77#a7 of the ,home ,owners' ,loan 
,act 7#ab ,u4,s4,c4 #adfg;a7a77#a771 as 
added by this ,act1 that is provided by 
a ,federal law other than the ,home     
,owners' ,loan ,act 7#ab ,u4,s4,c4 #adfa
 et seq474  #f4 ,rulemaking authority   
,the ,board may issue regulations and   
orders as may be necessary to-- 7#a7    
administer and carry out this ,act and  
the amendments made by this ,act2 and   
7#b7 prevent evasions of this ,act and  
the amendments made by this ,act4  #g4  
,rule of construction ,nothing in this  
,act or the amendments made by this ,act
 may be construed to affect the         
authority of the ,board of ,governors of

 the ,federal ,reserve ,system over any 
subsidiary of an insurance savings and  
loan holding company that is not an     
insurance underwriting company1 as those
 terms are defined in section           
#aj7;a77#a7 of the ,home ,owners' ,loan 
,act 7#ab ,u4,s4,c4 #adfg;a7a77#a771 as 
added by this ,act4