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![handle is hein.congrecreports/crptxabfs0001 and id is 1 raw text is: AUTHENTICATEO
U.S. GOVERNMENT
INFORMATION
Op
115TH CONGRESS REPORT
2d Session HOUSE OF REPRESENTATIVES 115-668
BUSINESS OF INSURANCE REGULATORY REFORM ACT OF
2017
MAY 10, 2018.-Committed to the Committee of the Whole House on the State of
the Union and ordered to be printed
Mr. HENSARLING, from the Committee on Financial Services,
submitted the following
REPORT
together with
MINORITY VIEWS
[To accompany H.R. 3746]
[Including cost estimate of the Congressional Budget Office]
The Committee on Financial Services, to whom was referred the
bill (H.R. 3746) to amend the Consumer Financial Protection Act
of 2010 to clarify the authority of the Bureau of Consumer Finan-
cial Protection with respect to persons regulated by a State insur-
ance regulator, and for other purposes, having considered the same,
report favorably thereon without amendment and recommend that
the bill do pass.
PURPOSE AND SUMMARY
Introduced by Representative Sean Duffy on September 12, 2017,
H.R. 3746, the Business of Insurance Regulatory Reform Act of
2017 amends the Consumer Financial Protection Act of 2010,
which is Title X of the Dodd-Frank Wall Street Reform and Con-
sumer Protection Act, to revise the authority of the Bureau of Con-
sumer Financial Protection (Bureau) over activities regulated by a
state insurance regulator. The Bureau may not enforce the provi-
sions of Title X of the Dodd-Frank Act against any person regu-
lated by a state insurance regulator who offers a consumer finan-
cial product or service, to the extent that person is engaged in the
business of insurance. If a person engaged in the business of insur-
ance is regulated by a state insurance regulator but otherwise sub-
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