H.R. 5059: State Insurance Regulation Preservation Act

115th Congress

To amend the Home Owners' Loan Act with respect to the registration and supervision of insurance savings and loan holding companies, and for other purposes.

Sponsor: Rep. Keith Rothfus — R — PA

H.R. 5059 amends the Home Owners’ Loan Act to create a definition of an Insurance Savings and Loan Holding Companies (ISLHC) and creates a regulatory framework that would limit the Federal Reserve’s oversight of ISLHCs. If the Federal Reserve does examine an ISLHC, the legislation requires that the Federal Reserve tailor the supervisory framework to the unique risks and activities of the business of insurance and develop in consultation with State insurance authorities to ensure that framework does not duplicate or conflict with State insurance requirements. Importantly, H.R. 5059 would also maintain the Federal Reserve’s authority to examine ISLHCs. However, the Federal Reserve must do so in conjunction with other State and Federal authorities in order to reduce and eliminate duplicative reviews.

View the full vote history of this bill on GovTrack.us.