Bills

  • NIA - National Insurance Act
    •  S. 2509 - National Insurance Act
      • by Senators John Sununu and Tim Johnson
    • S. 40, the National Insurance Act
    • cxcv
      • The National Insurance Act of 2007 (S. 40/H.R. 3200)
        • Both the states and the federal government would offer a chartering system for insurers, with the insurers having the choice between the two. OFC legislation was offered in the 107th, 109th, and 110th Congresses.
        • 110th Congress
          • Senators John Sununu and Tim Johnson introduced S. 40 on May 24, 2007 and Representatives Melissa Bean and Edward Royce introduced H.R. 3200 on July 26, 2007. The bills were referred to the relevant committees (Senate Banking, Housing, and Urban Affairs, House Financial Services, and House Judiciary), but neither was the specific subject of hearings or markups.
          • Two general hearings on insurance regulatory reform, however, were held by the House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises in
            October 2007, and the possibility of an optional federal charter was a major topic of discussion in the subcommittee.
  • S. 929, the Nonadmitted and Reinsurance Reform Act
  • House Financial Services Committee in H.R. 1065, the Nonadmitted and Reinsurance Reform Act.

https://www.cooley.com/news/insight/2021/2021-01-20-new-congress-legislation-impacting-insurance-big-data-possible

  • 1907 - Tillman Act
  • 1927 - McFadden Act
    • 1984-2, NAIC Proceedings - Integrated Financial Services (EX) Task Force
      • --  Daniel Murphy, Executive Vice-President, E.F. Hutton
        • When Congress passed the McFaddin Act in 1927, it "leveled the playing field" by reducing restrictions on bank activities in other lines of commerce and that disastrous results ensued. (p72)
  • 1936 0615 - Commodity Exchange Act (ch. 545, 49 Stat. 1491, enacted June 15, 1936) is a federal act passed in 1936 by the U.S. Government (replacing the Grain Futures Act of 1922).
  • 1945 - McCarren-Ferguson
    • Senator Pepper
  • 1974 - Privacy Act of 1974
    • 1977 0712 - GOV - Report - Final Report of the Privacy Protection Study Commission - 690p
      • (p180) - Current Legal Restraints on Record-Keeping Practices - The Insurance Relationship
        • The primary regulatory mechanisms for overseeing the activities of  Insurance institutions are at the State level. State regulation has developed around two basic aims: (1) maintaining the solvency of individual insurance companies; and, (2) assuring fair business practices and pricing.
  • 1975 - Consumer Insurance Information and Fairness Act
    • 3. S.2065 — 94th Congress (1975-1976)
    • Sponsor: Hart, Philip A. [Sen.-D-MI] (Introduced
    • 07/08/1975) Cosponsors: (0)
    • Committees: Senate - Commerce
    • Congressional Record - Vol 121, No 106, 1975 0708
    • 1977 0329 - GOV (House) - Antitrust Exemptions and Immunity,
  • 1975 - Consumer Insurance Information and Fairness Act -
    • 18. H.R.8445 — 94th Congress (1975-1976)
    • Consumer Insurance Information and Fairness Act
    • Sponsor: Spellman, Gladys Noon [Rep.-D-MD-5]
    • (Introduced 07/08/1975) Cosponsors: (0)
    • Committees: House - Interstate and Foreign Commerce
    • 1975 0714 - The Piqua Daily Call - Getting Most Out of Your Insurance?, by Arthur E. Rowse - Page 20 - [link]
  • 1975-1976 - S.2218 - A bill to amend chapter 19 of title 38, United States Code, to require the Administrator of Veterans' Affairs to provide veterans with certain cost information relating to the conversion of Government supervised insurance to individual life insurance policies. - 94th Congress  
  • 1977 - Federal Insurance Act of 1977
  • 1979-1980 - H.R.5582 - Fair Insurance Information Practices Act, 96th Congress
  • 1979-1980 - S.2874 - A bill to amend the Bank Holding Company Act of 1956 to limit the property and casualty and life insurance activities of bank holding companies and their subsidiaries. 96th Congress
  • 1981-1982 - H.R.2255 - link — 97th Congress (1981-1982)A bill to amend the Bank Holding Company Act of 1956 to limit the property and casualty and life insurance activities of bank holding companies and their subsidiaries.
    • Sponsor: Rep. St Germain, Fernand J. [D-RI-1] (Introduced 03/03/1981) Cosponsors: (4) - Committees: House - Banking, Finance, and Urban Affairs Latest Action: House - 03/16/1981 Referred to Subcommittee on Financial Institutions Supervision, Regulation and Insurance. (All Actions)
  • 1981 - Non-discrimination in Insurance Bill - 
    • 1982 0715 - GOV (Senate) - Fair Insurance Practices Act, Bob Packwood (R-OR)  ---  [BonkNote]
  • 1982 - Garn-St. Germain Depository Act of 1982 : conference report (to accompany H.R. 6267)., 85-7813 - 80p
    • 1982 1015 - President Ronald Reagan - Remarks on Signing the Garn-St Germain Depository Institutions Act of 1982 - [link]
      • Thank you all very much, and thank you for joining us to sign this historic reform. This bill is the most important legislation for financial institutions in the last 50 years. It provides a long-term solution for troubled thrift institutions.
      • Now, this bill also represents the first step in our administration's comprehensive program of financial deregulation. I particularly want to commend the leadership of the chairman, Senator Garn, and Chairman St Germain, along with Secretary Regan and his fine team at Treasury. They did a remarkable job forging a consensus within the Congress and among affected industries in favor of the bill's deregulatory provisions. I'd like to also thank Congressmen Stanton, Wylie, and LaFalce for their assistance.
      • What this legislation does is expand the powers of thrift institutions by permitting the industry to make commercial loans and increase their consumer lending.
      • Unfortunately, this legislation does not deal with the important question of delivery of other financial services, including securities activities by banks and other depository institutions. But I'm advised that many in the Congress want to put this question at the top of the banking deregulatory agenda next year, and I would strongly endorse such an initiative and hope that at the same time, the Congress will consider other proposals for more comprehensive deregulation which the administration advanced during the 97th Congress.
  • 1983-1984 - H.R.4556 - link — 98th Congress (1983-1984. )A bill to amend the Federal Credit Union Act (12 U.S.C. 1751 et seq.) to correct the tax status of the National Credit Union Central Liquidity Facility.
    • Sponsor: Rep. St Germain, Fernand J. [D-RI-1] (Introduced 11/18/1983) Cosponsors: (2) 
    • Committees: House - Banking, Finance, and Urban Affairs
    • Latest Action: House - 12/15/1983 Referred to Subcommittee on Financial Institutions Supervision, Regulation and Insurance. 
  • 1983-1984 - Financial Institutions Deregulation Act which has been introduced both in the Senate 1609 and the House - H.R 3537
  • 1991-1992 - H.R.4900 - Federal Insurance Solvency Act of 1992 - 102nd Congress
    • Sponsor: Rep. Dingell, John D. [D-MI-16]
    • (Introduced 04/09/1992) - Committees: House - Energy and Commerce
  • 1992 - Presidential Insurance Commission Act of 1992
  • 1993-1994 - S.84 - Insurance Competitive Pricing Act of 1993, 103rd Congress- more years
  • 1994 - HOEPA - Home Ownership and Equity Protection Act of 1994 
  • 1995 - Financial Services Competitiveness Act of 1995  ---  [BonkNote]
  • 1995-1996 - H.R.1058 - Private Securities Litigation Reform Act of 1995, 104th Congress
    • Sponsor: Rep. Tom Bliley [R-VA]
    • 1998 - LR - Closing The Loophole In The Private Securities Litigation Reform Act Of 1995 - 40p
      • In response to the perceived rise in "abusive" and "meritless" securities fraud lawsuits, Congress overrode President Clinton's veto and enacted the Private Securities Litigation Reform Act of 19951
  • 1995-1996 - H.R. 1317 (IH) - Insurance State's and Consumer's Rights Clarification and Fair Competition Act of 1995
  • 1998 - Class Action Jurisdiction Act of 1998
  • 1999 1112 - GLBA --Gramm Leach Bliley Act  --- [BonkNote]
    • aka - the Financial Services Modernization Act of 1999
    • 1999 1112 - Financial Services Bill Signing, President Clinton - [VIDEO-CSPAN]
    • 1999 - H.R.10 - Financial Services Act of 1999
  • 2000 1221 - CFMA – Commodity Futures Modernization Act  ---  [BonkNote]
  • 2003 - Former Insurance Agents Tax Equity Act of 2003
  • 2005 - The Class Action Fairness Act - [PDF-12p]
  • 2005 0616 - GOV (House) - Smart Insurance Reform - [PDF-157p,
  • 2005-2006 - H.R.461 - Military Personnel Financial Services Protection Act - 109th Congress
  • 2008 0610 - GOV (House) - H.R. 5840, Insurance Information Act of 2008 - [PDF-129p]
    • Paul Kanjorski - (D-PA) - As such, the Federal Government should have a deep knowledge base on the insurance industry.
      • We need to understand how the industry functions.
      • We need to ascertain its relationship to other sectors of the financial marketplace.
      • We need to appreciate its importance in our economy.
      • The establishment of an in-house information resource to address these issues will ultimately help us to construct better policies, better rules, and better laws.
    • From this conversation, I learned that there were only two staffers working on insurance issues at that time. In a time of crisis, this lack of in-house expertise was troubling.
  • 2008 - EESA - Emergency Economic Stabilization Act 
  • 2009-2010 - H.R.2609 - Insurance Information Act of 2009
  • 2009 0326 - GOV (House) - Addressing the Need for Comprehensive Regulatory Reform - [PDF-64p, VIDEO-?]
    • Secretary GEITHNER. Would that be in the Treasury, that office?
    • Mr. KANJORSKI. Yes. In Treasury.
    • Secretary GEITHNER. We would not be opposed to that. Anything you can do to help us get more resources and talent in this area would be terrific.
    • Mr. KANJORSKI. Very good
  • 2009-2010 - The Restoring American Financial Stability Act of 2010 - 251p
    • Sponsor: Sen. Dodd, Christopher J. [D-CT] (Introduced 04/15/2010)
  • 2020 - S. 4325 (IS) - Business of Insurance Regulatory Reform Act of 2020
  • 2020 - Business of Insurance Regulatory Reform Act  ---  [BonkNote]
  • 2021 - Primary Regulators of Insurance Vote Act  ---  [BonkNote]
  • It was in this atmosphere of rampant corporate contributions to campaign funds that reformers advocating for legislative intervention commenced a process that ultimately produced the Tillman Act.
    • Beginning in 1905, the issue of corporate political contributions rose to the height of public consciousness, largely as a result of riveting hearings in New York that exposed a series of abuses by life insurance companies.
    • Middle class reformers, fueled by longstanding suspicions of business-government corruption and sparked by a campaign finance scandal involving life insurers, ardently advocated the banning of corporate political contributions.
    • Many of the nation’s businesses, mindful of their profit lines and sustainability, also voiced their support for remedial legislation and joined reformers in seeking such a prohibition.
  • In early 1906, Senator Ben Tillman of South Carolina formally introduced his eponymous bill, and  Congress passed the legislation a year later.
    • Popular support was such that one member of Congress remarked, “Every honest man in this country is for it, and I doubt very much whether any Republican or Democrat can safely afford to face his constituency in opposition to it.”16
  • Yet the passage of the Tillman Act presented something of a paradox. (p7)

2016 - AP - Limits of Reform: The Tillman Act of 1907 and the Conservative Origins of American Campaign Finance Law, by David Steven Wanger Steinbach - [Automatic-Download-link]