,,ii  #aafth ,,congress  #b;d ,session  
,s4 #dcbe  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,july #bg1     
#bjbj,mr4 ,scott of ,south ,carolina    
7for himself and ,mr4 ,manchin7         
introduced the following bill2 which was
 read twice and referred to the         
,committee on ,banking1 ,housing1 and   
,urban ,affairs  ,a ,,bill  ,to amend   
the ,consumer ,financial ,protection    
,act of #bjaj to clarify the authority  
of the ,bureau of ,consumer ,financial  
,protection with respect to persons     
regulated by a ,state insurance         
regulator1 and for other purposes4  #a4 
,short title ,this ,act may be cited as 
the ,business of ,insurance ,regulatory 
,reform ,act of #bjbj4  #b4             
,clarification to the authority of the  
,bureau with respect to persons         
regulated by a ,state insurance         
regulator ,section #ajbg7;f7 of the     
,consumer ,financial ,protection ,act of
 #bjaj 7#ab ,u4,s4,c4 #eeag7;f77 is     
amended-- 7#a7 in paragraph 7#b7-- 7,a7 

in the paragraph heading1 by striking   
,description of activities and inserting
 ,exceptions2  7,b7 by striking         
,paragraph 7#a7 and inserting the       
following3  7,a7 ,authority ,paragraph  
7#a7  2 and  7,c7 by inserting after    
subparagraph 7,a71 as so designated1 the
 following3  7,b7 ,limitation ,with     
respect to a person regulated by a      
,state insurance regulator-- 7i7 if that
 person is offering or providing a      
consumer financial product or service1  
the ,bureau may not enforce this title  
with respect to that person to the      
extent that the person is engaged in the
 business of insurance2 or  7ii7 if that
 person is subject to any enumerated    
consumer law or any law for which       
authorities are transferred under       
subtitle ,f or ,h1 the authority of the 
,bureau to enforce that law with respect
 to that person shall be narrowly       
construed to the extent that the person 
is engaged in the business of insurance4
  2 and  7#b7 by adding at the end the  

following3  7#d7 ,rule of construction  
,the enforcement of this title shall be 
broadly construed in favor of the       
authority of a ,state insurance         
regulator with respect to a person      
regulated by the ,state insurance       
regulator4  4