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INSURANCE PROVISIONS OF FINANCIAL SERVICES MODERNIZATION BILLS IN THE 106TH CONGRESS, July 13, 1999 1 (July 13, 1999)

handle is hein.tera/crser0183 and id is 1 raw text is: Order Code RS20098 Updated July 13, 1999 CRS Report for Congress Received through the CRS Web Insurance Provisions of Financial Services Modernization Bills in the 106th Congress M. Maureen Murphy Legislative Attorney American Law Division Summary Current financial services modernization proposals would continue state regulation of the insurance business and would generally approve expanded insurance powers for banks. On May 6, the Senate passed S. 900 (S.Rept. 106-44), a financial modernization bill with provisions paralleling those of H.R. 10, as introduced, with respect to state regulation of insurance. On July 1, the House passed H.R. 10 (H.Rept. 106-74, Parts I, II, and 11). While the overall treatment of the insurance provisions in the two bills is similar, there are some differences. Among them are the treatment of sales of title insurance, the articulation of the standard for court review of disputes between federal and state regulators, and the extent to which national bank subsidiaries are precluded from underwriting insurance. H.R. 10, and not S. 900, would prohibit insurance companies from disclosing personal medical, health, and genetic information, and includes provisions on the redomestication of mutual insurance companies. Overall tracking of financial reform legislation is provided in CRS Issue Brief IB 10035, which will be updated as developments warrant. Background At the beginning of the 106' Congress, House Banking Committee Chairman Leach's version of financial modernization legislation, H.R. 10; House Banking Committee Minority Ranking Member LaFalce's H.R. 665; and Senate Banking Committee Chairman Gramm's committee staff draft legislation took distinct approaches to balancing state authority over insurance with preservation of federally authorized insurance powers for banks, bank subsidiaries, and bank and financial holding company affiliates.' On May 6, the Senate passed S. 900 (S.Rept. 106-44), a financial modernization bill with provisions paralleling those of H.R. 10, as introduced, with respect to state regulation of insurance. 1 See CRS Report RS20132, Insurance Provisions in Financial Services Modernization Bills in the 106 th Congress: Antecedent Supreme Court Decisions. Congressional Research Service °+° The Library of Congress

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