National Insurance Act of 2007

A bill 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.

5/24/2007--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.


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Sponsor

• Sen. John Sununu [R, NH]
• and 1 Co-Sponsors
  • Sen. Tim Johnson [D, SD]
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Committees

• Senate Banking, Housing, and Urban Affairs

Amendments

This bill has no amendments.

Amendments to S.40

Number	Status	Purpose

Bill Status

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Introduced		Voted on by Senate		Voted on by House		Considered By President		Bill Becomes Law
May 24, 2007

Show All Actions (3 actions)Hide Actions

All Bill Actions

• May 24, 2007: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
• May 24, 2007: Sponsor introductory remarks on measure. (CR S6849)
• Introduced on May 24, 2007.

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Related Bills:

• H.R.3200

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

Data from the Congressional Research Service

In the News

September 14, 2007 Court Briefs

Springdale man charged with domestic battery Ricardo Acevado, 33, of 750 S. 40 th St., H-202, Springdale, was charged Sept. 13 by the Fourth Judicial ...

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Source: Northwest Arkansas Times, AR

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May 24, 2007 Life Insurers Endorse Optional Federal Charter (OFC) Legislation

S. 40, The National Insurance Act of 2007, introduced by Sens. John Sununu (R-NH) and Tim Johnson (D-SD), is truly landmark legislation that would modernize ...

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Blog Coverage

July 06, 2008 Internet Set up Handset Nokia 3120 Classic S.40 - Phnom Penh, Cambodia

Internet Set up Handset Nokia 3120 Classic S.40 1.      Internet Set Up Step 1/1: Menu - Setting- Configuration-Personal Config.Sett - Add - Web ·      &a

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Source: travelpod.com Recent Updates

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June 18, 2008 Internet Set up Handset Nokia 6500 Slide S.40 - Phnom Penh, Cambodia

Internet Set up Handset Nokia 6500 Slide S.40 1.      Internet Set Up Step 1/1: Menu - Setting- Configuration-Personal Config.Sett - Add - Web ·      &

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Source: Untitled

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October 10, 2007 Some thoughts on the term εκκλησια (congregation)

S. 40, 3, 6) Hb 2:12 (Ps 21:23). b. of Christians in a specific place or area (the term apparently became popular among Christians in Greek-speaking areas for chiefly two reasons: to affirm continuity with Israel through use of a term ...

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