S. 4325 · 116th Congress
Business of Insurance Regulatory Reform Act of 2020
- Stage
- In committee
- Sponsor
- Tim Scott
- Introduced
- 2020-07-27
- Latest action
- 2020-07-27 · Introduced in Senate
Summary
Business of Insurance Regulatory Reform Act of 2020
This bill revises the authority of the Consumer Financial Protection Bureau (CFPB) over activities regulated by a state insurance regulator. The CFPB may not pursue enforcement against any person regulated by a state insurance regulator and offering a consumer financial product or service, to the extent that person is engaged in the business of insurance. If a person engaged in the business of insurance is regulated by a state insurance regulator but otherwise subject to the CFPB's enforcement authority, the CFPB must construe its authority narrowly.