HR 3354 IH: Primary Regulators of Insurance Vote Act of 2025

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HR 3354 IH: Primary Regulators of Insurance Vote Act of 2025

Introduced in the House of Representatives on May 13, 2025
Direct Link to Bill
Mr. Loudermilk (for himself and Mr. Garandí) introduced the following bill; which was referred to the Committee on Financial Services.

Be it enacted by the Senate and House of Representatives…

This Act may be cited as the ‘‘Primary Regulators of Insurance Vote Act of 2025’’.

SECTION 1. SHORT TITLE.
This Act may be cited as the ‘‘Primary Regulators of Insurance Vote Act of 2025’’.

SECTION 2. ESTABLISHMENT OF STATE INSURANCE COMMISSIONER AS A VOTING MEMBER…

Section 111 of the Financial Stability Act of 2010 (12 U.S.C. 5321) is amended—

(1) in subsection (b)—
(A) in paragraph (1)—
(i) by redesignating subparagraph (J) as subparagraph (K);
(ii) in subparagraph (I), by striking “and” at the end;
(iii) 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);’

SECTION 3. REPEAL OF STATE INSURANCE COMMISSIONER AS NONVOTING MEMBER…

(a) 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.

(b) Conforming Amendment. Section 111(c)(1) of such Act (12 U.S.C. 5321(c)(1)) is amended by striking “subparagraphs (C), (D), and (E)” and inserting “subparagraphs (C) and (D)”.

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.

SECTION 5. TECHNICAL AND CLARIFYING AMENDMENTS.

The Financial Stability Act of 2010 (12 U.S.C. 531113 et seq.) is amended—

(1) 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.’’
(2) in section 112(a)(2)(D), by striking “to monitor” and inserting “monitor”;
(3) in section 154(c)(1)—
(A) by striking “CENTER.—” and all that follows through “The Research” and inserting the following: “CENTER.—The Research”;

…and more technical amendments.