Section 1 Short title
This Act may be cited as the “Primary Regulators of Insurance Vote Act of 2021”.
Primary Regulators of Insurance Vote Act of 2021
A BILL
To amend the Financial Stability Act of 2010 to include the State insurance commissioner as a voting member of the Financial Stability Oversight Council, and for other purposes.
Sec. 2 Establishment of State insurance commissioner as a voting member of the Financial Stability Oversight Council
Section 111 of the Financial Stability Act of 2010 (12 U.S.C. 5321) is amended—
in subsection (b)—
in paragraph (1)—
by redesignating subparagraph (J) as subparagraph (K);
in subparagraph (I), by striking “and” at the end; and
by inserting after subparagraph (I) the following new subparagraph:
“(J) a State insurance commissioner, appointed by the President, by and with the advice and consent of the Senate, as described in paragraph (4); and”
by adding at the end the following new paragraph:
“(4) State insurance commissioner—Before making any appointments pursuant to paragraph (1)(J), the President shall request a list of recommended candidates from the States through the National Association of Insurance Commissioners. The President may appoint a member under paragraph (1)(J) that does not appear on such list. If the National Association of Insurance Commissioners fails to submit such list within 15 business days after the date of the request, the President may appoint a member under paragraph (1)(J) without considering the views of the National Association of Insurance Commissioners.”
in subsection (c)—
in paragraph (1), by inserting “, the State insurance commissioner shall serve for a term of 4 years” after “6 years”;
by amending paragraph (2) to read as follows:
“(2) Vacancies
“(A) In general—Subject to subparagraph (B), any vacancy on the Council shall be filled in the manner in which the original appointment was made.
“(B) State insurance commissioner—With respect to a vacancy in the membership of the State insurance commissioner serving under subsection (b)(1)(J)—
“(i) the Federal Vacancy Reform Act (5 U.S.C. 3345 et seq.) shall not apply; and
“(ii) such vacancy shall be filled by a State insurance commissioner, to be designated by a selection process determined by the State insurance commissioners, who shall serve as a nonvoting member of the Council until a successor is appointed and confirmed.”
in paragraph (4)—
by striking “independent member” in the heading, and inserting “insurance members”; and
striking “subsection (b)(1)(J)” and inserting “subsection (b)(1)(K) or the State insurance commissioner serving under subsection (b)(1)(J)”.
Sec. 3 Repeal of State insurance commissioner as nonvoting member of FSOC
In general— Section 111(b)(2) of the Financial Stability Act of 2010 (12 U.S.C. 5321(b)(2)) is amended by striking subparagraph (C) and redesignating subparagraphs (D) and (E) as subparagraphs (C) and (D), respectively.
Conforming amendment— Section 111(c)(1) of such Act (12 U.S.C. 5321(c)(1)) is amended by striking by “subparagraphs (C), (D), and (E)” and inserting “subparagraphs (C) and (D)”.
Sec. 4 Temporary service; transition
Notwithstanding the amendments made by this Act, during the period beginning on the date of the enactment of this Act and ending on the date on which the State insurance commissioner is appointed and confirmed pursuant to section 111(b)(1) of the Financial Stability Act of 2010 (12 U.S.C. 5321(b)(1)), as amended by section 2, section 111(b)(2)(C) of the Financial Stability Act of 2010 (12 U.S.C. 5321(b)(2)(C)) shall continue to apply.
Sec. 5 Technical and clarifying amendments
The Financial Stability Act of 2010 (12 U.S.C. 5311 et seq.) is amended—
in section 102(a), by adding at the end the following new paragraph:
“(8) Council—The term “Council” means the Financial Stability Oversight Council established in section 111.”
in section 112(a)(2)(D), by striking “to monitor” and inserting “monitor”;
in section 154(c)(1)—
by striking “Center.—” and all that follows through “The Research” and inserting the following: “Center.—The Research”; and
by redesignating subparagraphs (A) through (H) as paragraphs (1) through (8), respectively; and
in section 155(a)(2), by striking the comma after “subsection (c)”.