1. Short title
This Act may be cited as the “Insurance Consumer Protection and Solvency Act of 2013”.
Insurance Consumer Protection and Solvency Act of 2013
A BILL
To exclude insurance companies from the Federal Depository Insurance Corporation’s orderly liquidation authority.
2. Liquidation authority
Definition of financial company— Clause (iii) of section 201(a)(11)(B) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 5381(a)(11)(B)(iii)) is amended by inserting “an insurance company or” after “other than”.
Treatment of insurance companies and subsidiaries— Subsection (e) of section 203 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 5383(e)) is amended—
in paragraph (1)—
by striking “if an insurance company is a covered financial company or a subsidiary or affiliate of a covered financial company,”; and
by striking “such insurance” and inserting “an insurance”; and
by striking paragraph (3).
Assessments— Paragraph (1) of section 210(o) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 5390(o)(1)) is amended by inserting “, excluding an insurance company subject to assessment pursuant to applicable State law to cover (or reimburse payments made to cover) the costs of rehabilitation, liquidation, or other State insolvency proceeding with respect to 1 or more insurance companies,” after “$50,000,000,000” each place such term appears.