Limiting Federal Consumer Bureau Authority Over State-Regulated Insurance Business.
This bill restricts the federal Consumer Financial Protection Bureau (CFPB) from enforcing consumer protection laws against entities regulated by state insurance authorities. The change ensures that state regulators have primary and broader authority over the 'business of insurance.' For consumers, this means that complaints and enforcement actions related to insurance products will primarily be handled at the state level.
Key points
Federal oversight (CFPB) of insurance companies is limited when those companies are engaged in the core business of insurance.
State insurance regulators gain broader and prioritized authority regarding consumer protection matters related to insurance.
Federal enforcement authority must be interpreted broadly in favor of the authority of State insurance regulators.
Expired
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