Business of Insurance Regulatory Reform Act of 2025

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4735 Introduced in House (IH)]

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119th CONGRESS
  1st Session
                                H. R. 4735

 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.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 23, 2025

    Mr. Steil (for himself, Mr. Barr, Mr. Meuser, Mr. Huizenga, Mr. 
Fitzgerald, and Mr. Nunn of Iowa) introduced the following bill; which 
          was referred to the Committee on Financial Services

_______________________________________________________________________

                                 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.

    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 ``Business of Insurance Regulatory 
Reform Act of 2025''.

SEC. 2. CLARIFICATION TO THE AUTHORITY OF THE BUREAU WITH RESPECT TO 
              PERSONS REGULATED BY A STATE INSURANCE REGULATOR.

    Section 1027(f) of the Consumer Financial Protection Act of 2010 
(12 U.S.C. 5517(f)) is amended--
            (1) in paragraph (2)--
                    (A) by striking ``Description of activities.--
                Paragraph (1)'' and inserting: ``Exceptions.--
    ``(A) Authority.--Paragraph (1)''; and
                    (B) by inserting after subparagraph (A) (as added 
                by this Act) the following new subparagraph:
                    ``(B) Limitation.--With respect to a person 
                regulated by a State insurance regulator--
                            ``(i) and if such person is offering or 
                        providing a consumer financial product or 
                        service, the Bureau may not enforce this title 
                        with respect to such person to the extent such 
                        person is engaged in the business of insurance; 
                        or
                            ``(ii) and if such person is subject to any 
                        enumerated consumer law or any law for which 
                        authorities are transferred under subtitle F or 
                        H, the authority of the Bureau to enforce such 
                        law with respect to such person shall be 
                        narrowly construed to the extent such person is 
                        engaged in the business of insurance.''; and
            (2) by adding at the end the following new paragraph:
            ``(4) Rule of construction.--The enforcement of this title 
        shall be broadly construed in favor of the authority of a State 
        insurance regulator with respect to a person regulated by a 
        State insurance regulator.''.
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