H.R. 6423 · 112th Congress
Insurance Consumer Protection and Solvency Act of 2012
- Stage
- In committee
- Sponsor
- Bill Posey
- Introduced
- 2012-09-14
- Latest action
- 2012-10-01 · Referred to the Subcommittee on Insurance, Housing and Community Opportunity.
Summary
Insurance Consumer Protection and Solvency Act of 2012 - Amends the Dodd-Frank Wall Street Reform and Consumer Protection Act to exclude an insurance company from the definition of a "financial company" for purposes of such Act (thus removing an insurance company from the purview of the Act).
Removes from the Federal Deposit Insurance Corporation (FDIC) the authority to place insurance companies into orderly liquidation.
Excludes from the definition of "eligible financial company" for purposes of risk-based assessments an insurance company subject to assessment under state law to cover the costs of state insolvency proceeding regarding an insurance company.