S. 3592 · 118th Congress
Business of Insurance Regulatory Reform Act of 2024
- Stage
- In committee
- Sponsor
- Tim Scott
- Introduced
- 2024-01-16
- Latest action
- 2024-01-16 · Introduced in Senate
Summary
Business of Insurance Regulatory Reform Act of 2024
This bill limits the authority of the Consumer Financial Protection Bureau over entities that are regulated by a state insurance regulator. Specifically, the bureau is prohibited from pursuing enforcement against any person regulated by a state insurance regulator and offers a consumer financial product or service, to the extent that the 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 is otherwise subject to the bureau's enforcement authority, the bureau must construe its authority narrowly.