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. Author more...izes 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.

Sponsor

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

Committees

• House Financial Services
• 1 more
  • House Judiciary
  close

Amendments

This bill has no amendments.

Amendments to H.R.3200

Number	Status	Purpose

---

Bill Status

Make a Bill Status Widget (What's this?)(Close help)

OpenCongress widgets allow you to display information about bills and issue areas on your own website or blog. First, select which bill or issue you want to track, then customize the appearance of the panel, and finally paste a simple chunk of HTML into your site. Now your community will have an easy, up-to-date way to track the status of important bills and issues in Congress.

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

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

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 ...

Source: Insurance News Net, PA
Was this article useful? Yes or No

Did you find this article useful? Your opinion counts - together, we're finding the very best news and blog coverage about Congress available on the web.

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. ...

Source: Insurance Networking News, NY
Was this article useful? Yes or No

Did you find this article useful? Your opinion counts - together, we're finding the very best news and blog coverage about Congress available on the web.

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. ...

Source: Collision Week (subscription)
Was this article useful? Yes or No

Did you find this article useful? Your opinion counts - together, we're finding the very best news and blog coverage about Congress available on the web.

7 more articles...
See highest rated news articles

Blog Coverage

April 29, 2008 NAIC Commends NCSL Support of State Regulation

At their Spring Forum, NCSL members approved adoption of the Resolution in Opposition to S. 40/HR 3200 – the National Insurance Act of 2007. The resolution opposes the National Insurance Act, as well as any other such federal ...

Source: DAILYINSURER
Was this article useful? Yes or No

Did you find this article useful? Your opinion counts - together, we're finding the very best news and blog coverage about Congress available on the web.

April 28, 2008 Oath proposal weighting

Bills to establish a “federal pact” are also underway in Congress, HR 3200, the proposal for a National-Versicherungs-law. With many insurance companies operating throughout the country - and perhaps think of new business opportunities ...

Source: Montana Insurance
Was this article useful? Yes or No

Did you find this article useful? Your opinion counts - together, we're finding the very best news and blog coverage about Congress available on the web.

April 21, 2008 “Pick your option” - just say no!

... proposal to allow insurance providers the option of operating under a federal charter or state regulation - a concept embodied in various “pick your option” legislation before Congress such as HR 3200, the National Insurance Act. ...

Source: slabbed
Was this article useful? Yes or No

Did you find this article useful? Your opinion counts - together, we're finding the very best news and blog coverage about Congress available on the web.

18 more posts...
See highest rated blog posts

Information made available by: