Dodd-Frank Act

  • State insurance regulation was not a factor in the economic downturn and should not be swept into any proposed financial services overhaul.

2009 0402 - Letter - NCOIL to (GOV) - Senators Dodd and Shelby, and Congressmen Frank, Shelby, Bachus - 2p

  • (p61) - NASAA - Prepared Statement of David Massey,  NASAA President and North Carolina Deputy Securities Administrator
  • F. Improving Regulation of Financial Planners (Section 919C)
  • Section 919C of Dodd-Frank required a GAO study of the adequacy of financial planning regulation.
    • Deferring to a study was a reasonable approach for Congress to take, since the crowded legislative calendar in the midst of the crisis did not allow for an adequate review of the issues or of various proposals that have been put forward to improve financial planning regulation.
      • Unfortunately, the GAO study on financial planning regulation,7 which was released in January, represents a real missed opportunity.
    • ⇒  While it correctly highlights problems with the weak conduct standards that apply to insurance agents, it fails to address the basic question of how best to regulate activity that cuts across a variety of regulatory domains.8
    • This is an important question that deserves more thoughtful analysis than it received in the GAO study.
    • Indeed, we would encourage this Committee to look into the issue once the press of overseeing implementation of Dodd-Frank has passed.
  • State regulators bring to the FSOC the insights of ‘‘first responders’’ who see trends developing at the State level that have the potential to impact the larger financial system.

2011 0712 - GOV (Senate-Banking) - Enhanced Investor Protection After The Financial Crisis, Tim Johnson, (D-SD)  ---  [BonkNote]

https://www.congress.gov/bill/111th-congress/house-bill/4173

Title V: Insurance - Subtitle A: Federal Insurance Office - Federal Insurance Office Act of 2010 - (Sec. 502) Establishes in the Treasury the Federal Insurance Office (FIO) authorized to: (1) monitor the insurance industry; (2) identify issues or gaps in the regulation of insurers that could contribute to a systemic crisis in the insurance industry or the U.S. financial system; (3) monitor the extent to which traditionally underserved communities and consumers, minorities, and low- and moderate-income persons have access to affordable insurance products covering all lines of insurance, except health insurance; (4) recommend to the Financial Stability Oversight Council that it designate an insurer, including its affiliates, as an entity subject to regulation as a nonbank financial company supervised by the Board of Governors; (5) assist in administering the Terrorism Insurance Program; and (6) coordinate federal efforts and develop federal policy on prudential aspects of international insurance matters.

Extends the authority of the Office to all lines of insurance except: (1) health insurance; (2) crop insurance; and (3) long-term care insurance (except long-term care insurance included with life or annuity insurance components).

Authorizes information-gathering from insurers and affiliates. Permits data or information obtained by the Office to be made available to state insurance regulators, individually or collectively, through an information-sharing agreement.

Grants the Director of the Office subpoena and enforcement powers.

Sets forth a limited preemption of state insurance measures.

Requires the Director of the Office to study and report on: (1) U.S. and global reinsurance markets; and (2) modernization and improvement of domestic insurance regulation.

  • 2010 0817- CRS - The Dodd-Frank Wall Street Reform and Consumer Protection Act: Insurance Provisions - 9p
  • NAIC - SPECIAL SECTION: DODD FRANK FINANCIAL REFORM LEGISLATION & STATE INSURANCE REGULATION - [link]
  • Created FSOC - Pub. L. No. 111-203, §§ 111-23, 124 Stat. 1376, 1392-1412 (2010) (codified as amended at 12 U.S.C. §§ 5321-33). 
  • TOC - PART 242—DEFINITIONS RELATING TO TITLE I OF THE DODD-FRANK ACT (REGULATION PP)
    Sec.

    • 242.1 Authority and purpose.
    • 242.2 Definitions.
    • 242.3 Nonbank companies ‘‘predominantly engaged’’ in financial activities.
    • 242.4 Significant nonbank financial companies and significant bank holding companies.
  • APPENDIX A TO PART 242—FINANCIAL ACTIVITIES FOR PURPOSES OF TITLE I OF THE DODD-FRANK ACT
    AUTHORITY: 12 U.S.C. 5311.
  • SOURCE: 78 FR 20776, Apr. 5, 2013, unless otherwise noted..