PlainBillCongress, translated.Legislation. Context. Public interest.Placed on the Union Calendar, Calendar No. 166.
Congressional Research Service
Version 18 · Reported to House amended, Part I · Oct 19, 1993
TABLE OF CONTENTS: Title I: Certification of Foreign Insurers Subtitle A: Certification of Foreign Direct Insurers Subtitle B: Certification of Foreign Reinsurers Subtitle C: Enforcement Subtitle D: General Provisions Title II: Disclosure of Insurance Availability and Insurer Investment Information Insurance Consumer Protection Act - Title I: Certification of Foreign Insurers - Subtitle A: Certification of Foreign Direct Insurers - Prohibits foreign insurers from conducting direct insurance business unless they have been certified by the Secretary of the Treasury (the Secretary). Sets forth certification criteria, including minimum net worth, risk-based capital standards, and financial safety and soundness. Subtitle B: Certification of Foreign Reinsurers - Prohibits U.S. insurers from claiming reinsurance from a foreign reinsurer that has not been federally certified. Prescribes certification criteria and enforcement guidelines with respect to minimum net worth, risk-based capital standards, and financial safety and soundness. Subtitle C: Enforcement - Prescribes guidelines for: (1) examination of foreign insurers; and (2) loss of certification. Grants State insurance regulators enforcement powers under this Act. Subjects violators of this Act to civil and criminal penalties. Requires the Secretary to notify State insurance regulators before examining or taking enforcement action against a foreign insurer. Permits the Secretary to coordinate with and assist foreign insurance regulators. Directs the Secretary to establish a computer-based data base of violations of Federal or State law relating to insurance or reinsurance activities. Subtitle D: General Provisions - Directs the Secretary to: (1) exchange foreign insurer information with State insurance regulators; and (2) establish the National Advisory Council of State Insurance Regulators to consult on foreign insurers' requirements. Requires the Comptroller General to study and report to certain congressional committees on the appropriateness of generally accepted accounting principles for the evaluation of foreign insurers. Title II: Disclosure of Insurance Availability and Insurer Investment Information - Insurance Disclosure Act - Directs the Secretary of Housing and Urban Development (HUD) to: (1) establish annual reporting requirements for insurers regarding insurance coverage, agents, and geographical areas served; (2) study and report to the Congress on the availability of commercial insurance coverage for residential properties and small businesses in urban areas; (3) establish annual reporting requirements for insurers regarding bid, performance, and payment bonds for small businesses; and (4) establish annual reporting requirements for insurers regarding availability of designated insurance lines in rural areas. Provides for waiver of reporting requirements for insurers transacting business in States collecting equivalent information. Requires the Financial Institutions Examination Council to determine annually the extent to which private mortgage insurers make publicly available certain insurance data equivalent to mortgage data mandated by the Home Mortgage Disclosure Act of 1975. Empowers HUD to require such data in cases of noncompliance. Permits the use of a data contractor and statistical agents to collect the data mandated by this Act. Directs HUD to prescribe annual reporting requirements for designated insurers making designated investments in designated metropolitan statistical areas regarding the direct loans and loan purchases made by them. Prescribes data collection guidelines, including public availability and data confidentiality. Directs HUD to promulgate regulations requiring insurers to disclose to applicants and policyholders the reason that coverage has been denied. Establishes civil monetary penalties for noncompliance with this Act. Directs the Secretary of HUD to establish an insurance agency appointments task force to report to certain congressional committees on: (1) the status of inner city and minority agents; and (2) the practices of insurers in terminating agents. Requires the Secretary of HUD to report to certain congressional committees on the results of specified studies concerning: (1) insurance prescreening; (2) insurer actions to meet insurance needs of certain neighborhoods; (3) disparate claims treatment; (4) rating territories; and (5) insurer reinvestment requirements.
People & committees
Rep. Kennedy, Joseph P., II [D-MA-8] · D–MA
Legislative record
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Placed on the Union Calendar, Calendar No. 166.
Reported (Amended) by the Committee on Energy and Commerce. H. Rept. 103-302, Part II.
Reported (Amended) by the Committee on Energy and Commerce. H. Rept. 103-302, Part II.
Ordered to be Reported (Amended) by Voice Vote.
Committee Consideration and Mark-up Session Held.
Referred sequentially to the House Committee on Energy and Commerce for a period ending not later than Nov. 19, 1993 for consideration of such provisions of the bill and amendment as fall within the jurisdiction of the committee pursuant to clause 1(h), rule X.
Reported (Amended) by the Committee on Banking, Finance + Urban Affrs. H. Rept. 103-302, Part I.
Reported (Amended) by the Committee on Banking, Finance + Urban Affrs. H. Rept. 103-302, Part I.
Sponsor introductory remarks on measure. (CR E2250)
Ordered to be Reported (Amended) by the Yeas and Nays: 30 - 19.
Committee Consideration and Mark-up Session Held.
Forwarded by Subcommittee to Full Committee (Amended).
Subcommittee Consideration and Mark-up Session Held.
Subcommittee Hearings Held.
Subcommittee Hearings Held.
Referred to the Subcommittee on Consumer Credit and Insurance.
Sponsor introductory remarks on measure. (CR E579-580)
Referred to the House Committee on Banking, Finance + Urban Affrs.
Introduced in House
Introduced in House
Primary sources
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