PlainBillCongress, translated.Legislation. Context. Public interest.Read twice and referred to the Committee on Commerce, Science, and Transportation.
Congressional Research Service
Version 00 · Introduced in Senate · Jul 8, 2003
Insurance Consumer Protection Act of 2003 - Establishes within the Department of Commerce an Insurance Regulatory Commission to: (1) gather information on and investigate the insurance business; and (2) designate those classes of insurance that are generally unavailable or unaffordable in certain regions, or to certain groups or businesses, or for which there have been unusually great premium increases, or in the case of any class of liability insurance, for which reinsurance is generally unavailable or unaffordable, or for which there have been unusually great reinsurance premium increases.
Requires the Commission to: (1) examine annually interstate insurers; and (2) collect and make available to the public periodic reports of interstate insurance licensees; and compile them in a data base.
Prescribes guidelines for Federal licensing and standards governing interstate insurers.
Showing the opening paragraphs of the official summary.
Grants the Commission oversight of: (1) State insurance rates; (2) interstate insurance rates; (3) sales and marketing practices of interstate insurers; and (4) accounting and auditing of the industry.
Requires the Commission to establish: (1) an Office of Consumer Protection; (2) licensure standards for reinsurers; and (3) accounting standards for insurers and reinsurers.
Requires the Commission to license reinsurance intermediary brokers or managers.
Prescribes guidelines for the Commission to act as receiver and to supervise the liquidation for insurers or reinsurers.
Establishes the National Insurance Guaranty Corporation as a non-profit Federal agency to provide: (1) a payment program for covered claims under certain life, health, and property and casualty insurance policies, and (2) a uniform national system of administration for the liquidation of insolvent member insurers.
Establishes the National Insurance Guaranty Fund.
Amends Federal criminal law to set forth criminal and civil penalties governing crimes by or affecting persons engaged in the business of insurance whose activities affect interstate commerce.
Specifies the preemption of State law regarding activities authorized under this Act, except for laws requiring participation in a residual market insurance program, tax laws, and certain other kinds of State law.
People & committees
Sen. Hollings, Ernest F. [D-SC] · D–SC
Legislative record
A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.
Read twice and referred to the Committee on Commerce, Science, and Transportation.
Introduced in Senate
Primary sources
Text links open the official source. We currently store references to these documents.
No related bills are listed in this snapshot. This does not establish whether the proposal has appeared in earlier Congresses.
Source last updated: Sep 8, 2026. Consult Congress.gov for the current record.
AI Conversation Starters
Choose a perspective, copy a prompt, and paste it into your preferred AI. Each prompt includes the bill version and available official source links, and asks for counterarguments as well as supporting evidence.
Analyze S.1373 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.
Examine S.1373 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.
Examine S.1373 through a conservative lens, focusing on fiscal responsibility, institutional stability, federalism, and the scope of government. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and any provisions that challenge this perspective.
Examine S.1373 through a civil-liberties and limited-government lens. Consider individual rights, privacy, voluntary choice, accountability, and government power. Explain tradeoffs, possible safeguards, and the strongest counterarguments without assuming the proposal is beneficial or harmful.