National Insurance Act of 2007

To authorize the issuance of Federal charters and licenses for carrying on the sale, solicitation, negotiation, and underwriting of insurance or any other insurance operations, to provide a comprehensive system for the Federal regulation and supervision of national insurers and national agencies, to provide for policyholder protections in the event of an insolvency or the impairment of a national insurer, and for other purposes.

7/26/2007--Introduced.
National Insurance Act of 2007 - Establishes in the Department of the Treasury an Office of National Insurance (ONI), headed by a Commissioner of National Insurance, with Divisions of Insurance Fraud and of Consumer Affairs, and an Office of the Ombudsman. Authorizes the Commissioner to supervise, regulate, and provide for registration of insurance self-regulatory organizations. Requires the Commissioner to supervise national insurers and national agencies, including chartering and licensing. Removes them, as well as federally licensed insurance producers, from state oversight of insurance business practices. Authorizes the Commissioner to provide for the organization, operation, and regulation of National Insurance Companies and National Insurance Agencies, including U.S. branches of non-U.S. Insurers. Requires national insurers to obtain a federal license. Provides for conversion of state insurers to national insurers or state insurance agencies to national agencies, and vice versa. Prescribes requirements for national life insurer product regulation, including mandatory election for either national or state participating policy procedures governing a national life insurer in mutual form. Sets forth requirements governing prompt corrective action. Authorizes the Commissioner to:
(1) license insurers that are not national insurers to provide reinsurance; and
(2) issue federal insurance producer licenses. Restricts specified state actions. Provides for:
(1) mergers, consolidations, and acquisitions of national insurers and national agencies; and
(2) conversion of stock life insurers to national life insurer in mutual form, and vice versa. Subjects national insurers and national agencies to state taxation. Prohibits states from preventing or restricting national insurers from engaging in specified insurance business practices. Requires registration with the Commissioner of national insurers that belong to an insurance holding company system. Authorizes the Commissioner to appoint the ONI as receiver for a national insurer for rehabilitation or liquidation. Requires national insurers to join guaranty associations in each state, which may levy assessments on them for purposes of insolvency protection. Establishes a National Insurance Guaranty Corporation to provide benefits to policyholders of a national life insurer under federal receivership. Sets forth requirements governing claims covered for policy holders of national property/casualty insurers. Applies federal antitrust laws to national insurers, national agencies, and federally licensed insurance producers. Exempts national insurers, national agencies, and federally licensed insurance producers from state regulation, except as expressly provided in this Act. Directs the Comptroller General to analyze and report to Congress on the overall competitiveness of the insurance sector in the United States.


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Sponsor

• Rep. Melissa Bean [D, IL-8]
• and 1 Co-Sponsors
  • Rep. Edward Royce [R, CA-40]
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Committees

• House Judiciary
• 1 more
  • House Financial Services
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Amendments

This bill has no amendments.

Amendments to H.R.3200

Number	Status	Purpose

Bill Status

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Introduced		Voted on by House		Voted on by Senate		Considered By President		Bill Becomes Law
July 26, 2007

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• Introduced on Jul 26, 2007.
• Jul 26, 2007: Referred to the Committee on Financial Services, and in addition to the Committee on the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
• Jul 26, 2007: Referred to House Financial Services
• Jul 26, 2007: Referred to House Judiciary

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Related Bills:

• S.40

Related Issue Areas:

• Finance
• Antitrust law
• Bankruptcy
• Business
• 19 more
• Casualty insurance
• Corporate mergers
• Corporate reorganizations
• Department of the Treasury
• Executive departments
• Executive reorganization
• Federal preemption
• Holding companies
• Insurance agents
• Insurance companies
• Insurance law
• Law
• Licenses
• Life insurance
• Ombudsman
• Politics and government
• Property insurance
• State and local government
• State laws

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In the News

October 03, 2007 State – Not Federal - Regulation Works Best for Property/Casualty ...

One proposal before Congress, HR 3200, would impose an optional federal charter to ostensibly allow insurance companies to choose to be regulated by either ...

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Source: Insurance News Net, PA

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September 10, 2007 Study: OFC Benefits Consumers, Producers

... Royce (R-CA) sponsored the House bill, HR 3200. Regan’s study notes that while states have been working on uniformity, progress is, at best, incomplete. ...

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Source: Insurance Networking News, NY

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August 30, 2007 Insurance Groups Gear Up for Legislators' Return to Washington DC

... Act has been introduced in both the Senate and the House to create an optional federal chartering system- S. 40 in the Senate and HR 3200 in the House. ...

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Source: Collision Week (subscription)

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Blog Coverage

October 15, 2008 Kanjorski Calls for Federal Insurance Agency

Assistant Secretary of the Treasury David Nason noted in testimony before the committee that there are currently bills pending in both the House (H.R. 3200) and Senate (S.40) entitled the "National Insurance Act of 2007", ...

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Source: Investment Advisor

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September 18, 2008 National Underwriter Property & Casualty

The bill is the National Insurance Act of 2007, H.R. 3200. The companion bill in the Senate is S. 40. "This unprecedented move by the Fed highlights the dangers of letting a 19th-century system govern a 21st-Century marketplace," said ...

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Source: National Underwriter Property and Casualty...

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June 23, 2008 optional federal charter for insurers frequently asked questions ...

the national insurance act (hr 3200 and s. 40) seeks to address this problem by creating a new federal insurance regulator, setting up a system known as an optional federal charter (ofc), which would let insurers choose to organize ...

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Source: Optional Federal Chartering FAQ

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