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H. Rept. 114-338 1 (2015-11-16)

handle is hein.congrecreports/crptxrga0001 and id is 1 raw text is: AUT-ENTICATED US. GOVERNMENT INFORMATION GP 114TH CONGRESS REPORT 1st Session HOUSE OF REPRESENTATIVES 114-338 POLICYHOLDER PROTECTION ACT OF 2015 NOVEMBER 16, 2015.-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 [To accompany H.R. 1478] [Including cost estimate of the Congressional Budget Office] The Committee on Financial Services, to whom was referred the bill (H.R. 1478) to provide for notice to, and input by, State insur- ance commissioners when requiring an insurance company to serve as a source of financial strength or when the Federal Deposit In- surance Corporation places a lien against an insurance company's assets, and for other purposes, having considered the same, report favorably thereon with an amendment and recommend that the bill as amended do pass. The amendment is as follows: Strike all after the enacting clause and insert the following: SECTION 1. SHORT TITLE. This Act may be cited as the Policyholder Protection Act of 2015. SEC. 2. ENSURING THE PROTECTION OF INSURANCE POLICYHOLDERS. (a) SOURCE OF STRENGTH.-Section 38A of the Federal Deposit Insurance Act (12 U.S.C. 1831o-1) is amended- (1) by redesignating subsections (c), (d), and (e) as subsections (d), (e), and (f), respectively; and (2) by inserting after subsection (b) the following: (c) AUTHORITY OF STATE INSURANCE REGULATOR.- (1) IN GENERAL.-The provisions of section 5(g) of the Bank Holding Com- pany Act of 1956 (12 U.S.C. 1844(g)) shall apply to a savings and loan holding company that is an insurance company, an affiliate of an insured depository in- stitution that is an insurance company, and to any other company that is an insurance company and that directly or indirectly controls an insured depository institution, to the same extent as the provisions of that section apply to a bank holding company that is an insurance company. (2) RULE OF CONSTRUCTION.-Requiring a bank holding company that is an insurance company, a savings and loan holding company that is an insurance company, an affiliate of an insured depository institution that is an insurance company, or any other company that is an insurance company and that directly 59-006

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