Primary Regulators of Insurance Vote Act of 2018

Primary Regulators of Insurance Vote Act of 2018

This bill amends the Financial Stability Act of 2010 to establish a state insurance commissioner as a voting member of the Financial Stability Oversight Council. The member is appointed by the President with the advice and consent of the Senate. Under current law, this member is nonvoting and selected by state insurance commissioners.

[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[S. 3177 Introduced in Senate (IS)]

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115th CONGRESS
  2d Session
                                S. 3177

   To amend the Financial Stability Act of 2010 to include the State 
 insurance commissioner as a voting member of the Financial Stability 
               Oversight Council, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             June 28, 2018

 Mr. Scott (for himself and Mr. Jones) introduced the following bill; 
which was read twice and referred to the Committee on Banking, Housing, 
                           and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
   To amend the Financial Stability Act of 2010 to include the State 
 insurance commissioner as a voting member of the Financial Stability 
               Oversight Council, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Primary Regulators of Insurance Vote 
Act of 2018''.

SEC. 2. ESTABLISHMENT OF STATE INSURANCE COMMISSIONER AS A VOTING 
              MEMBER OF THE FINANCIAL STABILITY OVERSIGHT COUNCIL.

    (a) In General.--Section 111 of the Financial Stability Act of 2010 
(12 U.S.C. 5321) is amended--
            (1) in subsection (b)--
                    (A) in paragraph (1)--
                            (i) by redesignating subparagraph (J) as 
                        subparagraph (K);
                            (ii) in subparagraph (I), by striking 
                        ``and'' at the end; and
                            (iii) by inserting after subparagraph (I) 
                        the following new subparagraph:
                    ``(J) a State insurance commissioner, appointed by 
                the President, by and with the advice and consent of 
                the Senate, as described in paragraph (4); and''; and
                    (B) by adding at the end the following new 
                paragraph:
            ``(4) State insurance commissioner.--In selecting an 
        individual to appoint as a State insurance commissioner under 
        paragraph (1)(J), the President shall request a list of 
        recommendations for such individual from State insurance 
        commissioners through a process determined by the State 
        insurance commissioners. Such recommendations shall not be 
        binding on the President. If the State insurance commissioners 
        fail to submit a list of recommendations within 15 business 
        days after the date of the request, the President may select an 
        individual to appoint without considering such 
        recommendations.''; and
            (2) in subsection (c)--
                    (A) in paragraph (1), by inserting ``, the State 
                insurance commissioner shall serve for a term of 4 
                years,'' after ``6 years'';
                    (B) in paragraph (2), by inserting the following 
                new sentence at the end: ``For vacancy in the 
                membership of the State insurance commissioner serving 
                under subsection (b)(1)(J), the President shall appoint 
                another State insurance commissioner to serve on the 
                Council for the remainder of the term or until a 
                successor is appointed and confirmed under paragraph 
                (5), whichever is earlier.''; and
                    (C) by adding at the end the following new 
                paragraph:
            ``(5) Term of state insurance commissioner.--
        Notwithstanding paragraph (1), if a successor to the State 
        insurance commissioner serving under subsection (b)(1)(J) is 
        not appointed and confirmed by the end of the term of service 
        of such member, such member may continue to serve until the 
        earlier of--
                    ``(A) 18 months after the date on which the term of 
                service ends; or
                    ``(B) the date on which a successor to such member 
                is appointed and confirmed.''.
    (b) Conforming Amendment.--Section 111(c)(4) of such Act (12 U.S.C. 
5321(c)(4)) is amended by striking ``subsection (b)(1)(J)'' and 
inserting ``subsection (b)(1)(K)''.

SEC. 3. REPEAL OF STATE INSURANCE COMMISSIONER AS NONVOTING MEMBER OF 
              FSOC.

    (a) In General.--Section 111(b)(2) of the Financial Stability Act 
of 2010 (12 U.S.C. 5321(b)(2)) is amended by striking subparagraph (C) 
and redesignating subparagraph (D) and (E) as subparagraphs (C) and 
(D), respectively.
    (b) Conforming Amendment.--Section 111(c)(1) of such Act (12 U.S.C. 
5321(c)(1)) is amended by striking by ``subparagraphs (C), (D), and 
(E)'' and inserting ``subparagraphs (C) and (D)''.

SEC. 4. TEMPORARY SERVICE; TRANSITION.

    Notwithstanding the amendments made by this Act, during the period 
beginning on the date of the enactment of this Act and ending on the 
date on which the State insurance commissioner is appointed and 
confirmed pursuant to section 111(b)(1) of the Financial Stability Act 
of 2010 (12 U.S.C. 5321(b)(1)), as amended by section 2, section 
111(b)(2)(C) of the Financial Stability Act of 2010 (12 U.S.C. 
5321(b)(2)(C)) shall continue to apply.
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