Business of Insurance Regulatory Reform Act of 2025

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 2419 Introduced in Senate (IS)]

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119th CONGRESS
  1st Session
                                S. 2419

 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 SENATE OF THE UNITED STATES

                             July 23, 2025

 Mr. Scott of South Carolina (for himself, Mr. Rounds, Ms. Lummis, Mr. 
Ricketts, and Mr. Moreno) introduced the following bill; which was read 
  twice and referred to the Committee on Banking, Housing, and Urban 
                                Affairs

_______________________________________________________________________

                                 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) in the paragraph heading, by striking 
                ``Description of activities'' and inserting 
                ``Exceptions'';
                    (B) by striking ``Paragraph (1)'' and inserting the 
                following:
                    ``(A) Authority.--Paragraph (1)''; and
                    (C) by inserting after subparagraph (A), as so 
                designated, the following:
                    ``(B) Limitation.--With respect to a person 
                regulated by a State insurance regulator--
                            ``(i) if that person is offering or 
                        providing a consumer financial product or 
                        service, the Bureau may not enforce this title 
                        with respect to that person to the extent that 
                        the person is engaged in the business of 
                        insurance; or
                            ``(ii) if that 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 that 
                        law with respect to that person shall be 
                        narrowly construed to the extent that the 
                        person is engaged in the business of 
                        insurance.''; and
            (2) by adding at the end the following:
            ``(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 the 
        State insurance regulator.''.
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