United States 115th Congress Status: In Committee 1 R cosponsors

S 2702 — Business of Insurance Regulatory Reform Act of 2018

Last action — Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

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  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed Senate
  4. 4
    Passed House
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 115th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

Business of Insurance Regulatory Reform Act of 2018 This bill amends the Consumer Financial Protection Act of 2010 to revise the authority of the Consumer Financial Protection Bureau (CFPB) over activities regulated by a state insurance regulator. The CFPB may not enforce the Act against any person regulated by a state insurance regulator and offering a consumer financial product or service, to the extent that person is engaged in the business of insurance. If a person engaged in the business of insurance is regulated by a state insurance regulator but otherwise subject to the Act, the CFPB must construe its authority narrowly.

Bill Text

How this bill changes current law

4 changes Share ↗

Compared against current U.S. Code AI-generated reading aid — verify against the official bill.

The bill clarifies the authority of the Bureau of Consumer Financial Protection concerning persons regulated by state insurance regulators, ensuring that such authority is narrowly construed in relation to the insurance business.

  • 12 U.S.C. 5517(f)(2)

    Description of activities → Exceptions

    The paragraph heading is changed to better reflect its content regarding exceptions.

  • 12 U.S.C. 5517(f)(2)

    Paragraph (1) → (A) Authority.--Paragraph (1)

    The reference to Paragraph (1) is rephrased to enhance clarity.

  • 12 U.S.C. 5517(f)(2)

    (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.

    New limitations are added, clarifying that the Bureau's authority is restricted for persons engaged in the business of insurance.

  • 12 U.S.C. 5517(f)

    (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.

    A new rule of construction is established to favor state insurance regulators in enforcement matters.

Action History

  1. Introduced in Senate

  2. Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 546 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (546)

546 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

finance
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Frequently asked questions

What does S 2702 do?
Business of Insurance Regulatory Reform Act of 2018 This bill amends the Consumer Financial Protection Act of 2010 to revise the authority of the Consumer Financial Protection Bureau (CFPB) over activities regulated by a state insurance regulator. The CFPB may not enforce the Act against any person regulated by a state insurance regulator and offering a consumer financial product or service, to the extent that person is engaged in the business of insurance. If a person engaged in the business of insurance is regulated by a state insurance regulator but otherwise subject to the Act, the CFPB must construe its authority narrowly.
Who sponsors S 2702?
S 2702 is sponsored by Scott, Tim (Republican).
What is the current status of S 2702?
This bill died with 115th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track S 2702?
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