Business of Insurance Regulatory Reform Act of 2024
- Last Action
- 1/16/2024
Actions
- 2024-01-16Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- 2024-01-16Introduced in Senate
CRS Summary
As of 2024-01-16 (00)
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.
Cosponsors (1)
- Joseph Manchin (D-WV)
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.