WASHINGTON, D.C. – Today, Senators Thom Tillis (R-NC) and Kyrsten Sinema (D-AZ) introduced the State Insurance Regulation Preservation Act of 2019, bipartisan legislation that would reduce burdens and provide necessary regulatory certainty for insurance savings and loan holding companies (ISLHC).
“This common-sense piece of legislation reduces unnecessary portions of the compliance burden placed on ISLHCs,” said Senator Tillis. “By ensuring that the Federal Reserve works in tandem with other state and federal regulators, ISLHC can use their resources to better help their clients, rather than wasting them on duplicative reporting and filing requirements.”
The State Insurance Regulation Preservation Act of 2019
- Provides needed regulatory certainty for insurance savings and loan holding companies (ISLHCs) and the policyholders they serve.
- Although states insurance agencies already provide examination and supervision of ISLHCs, the Dodd-Frank Act brought ISLHCs under the supervision of the Federal Reserve (Fed)
- This practice created a regulatory framework that places ISLHCs under both state and federal regulatory oversight and can lead to duplicative or even conflicting compliance requirement.
- Maintains Fed’s authority to examine ISLHCs and ensures that examinations are coordinated with other State and Federal authorities, reducing duplicative and potentially conflicting reviews
- Sen Tillis and Sen Sinema support state based insurance regulation
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