SB3592: Business of Insurance Regulatory Reform Act of 2024
- 1Introduced (current step)
- 2Passed One Chamber
- 3Passed Both Chambers
- 4Became Law
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Bill information
Summary
A bill to amend the Consumer Financial Protection Act of 2010 to clarify the authority of the Bureau of Consumer Financial Protection with respect to persons regulated by a State insurance regulator, and for other purposes.
Plain-language summary
This bill would change which federal agency oversees insurance companies and their financial practices. Currently, the Consumer Financial Protection Bureau (CFPB) has some authority over insurance-related financial products. The bill would clarify that state insurance regulators—not the CFPB—should have primary control over companies regulated by those states. The bill was introduced by Senators Tim Scott and Joe Manchin. It remains in the early stage of the legislative process after being introduced.
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SB3592: Business of Insurance Regulatory Reform Act of 2024