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Insurance: More State Control, Less Federal Oversight

This bill aims to limit the authority of the federal Consumer Financial Protection Bureau (CFPB) over insurance companies already regulated by state authorities. This means that in insurance matters, state agencies will have primary enforcement power, which could affect how consumer complaints and disputes related to insurance policies are handled.
Key points
The federal Consumer Financial Protection Bureau (CFPB) will have limited authority over state-regulated insurance companies.
State insurance regulators will gain more autonomy in overseeing insurance business.
Consumer protection rules in the insurance sector will be interpreted in favor of state regulators.
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Expired
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Additional Information
Print number: 118_HR_7000
Sponsor: Rep. Steil, Bryan [R-WI-1]
Process start date: 2024-01-16
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Business of Insurance Regulatory Reform Act of 2024

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_7000.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2024-01-16.

What are the main provisions?

Key points include:

  • The federal Consumer Financial Protection Bureau (CFPB) will have limited authority over state-regulated insurance companies.
  • State insurance regulators will gain more autonomy in overseeing insurance business.
  • Consumer protection rules in the insurance sector will be interpreted in favor of state regulators.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Steil, Bryan [R-WI-1].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Financial Services.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-25.

CATEGORIES

Courts and Law Economy