Proposal:Business of Insurance Regulatory Reform Act of 2020

This proposal is archived and closed to further debate. It was introduced in the 116th Congress, which has concluded, and the bill was not enacted into law.

Bill	S 4325
Type of Legislation	Senate Bill
Congress	116
Status	Archived — 116th Congress concluded
Source	View original on Congress.gov

Geographic Scope

National

Description

Business of Insurance Regulatory Reform Act of 2020

This bill revises the authority of the Consumer Financial Protection Bureau (CFPB) over activities regulated by a state insurance regulator. The CFPB may not pursue enforcement 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 CFPB's enforcement authority, the CFPB must construe its authority narrowly.

Bill Title

Business of Insurance Regulatory Reform Act of 2020

Linked Goals

• Goal:Promote General Welfare

Steps

Steps taken on this bill were not available from Congress.gov.

Projected Outcome

A more informed proposal or public response aligned with the Promote General Welfare goal.