H. Rept. 115-937 1 (2018-09-12)

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                     115TH CONGRESS                                            REPORT
                         2d Session     HOUSE OF REPRESENTATIVES               115-937







                         STATE INSURANCE REGULATION PRESERVATION ACT



                       SEPTEMBER 12, 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

                                               [To accompany H.R. 5059]

                       The Committee on Financial Services, to whom was referred the
                     bill (H.R. 5059) to amend the Home Owners' Loan Act with respect
                     to the registration and supervision of insurance savings and loan
                     holding companies, and for other purposes, having considered the
                     same, report favorably thereon with an amendment and rec-
                     ommend 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 State Insurance Regulation Preservation Act.
                     SEC. 2. SUPERVISION OF INSURANCE SAVINGS AND LOAN HOLDING COMPANIES.
                       (a) DEFINITIONS.-Section 10(a)(1) of the Home Owners' Loan Act (12 U.S.C.
                     1467a(a)(1)) is amended by inserting at the end the following:
                              (K) BUSINESS OF INSURANCE.-The term 'business of insurance' means
                            any activity that is regulated in accordance with the relevant State insur-
                            ance law, including the writing of insurance and the reinsuring of risks.
                              (L) INSURANCE SAVINGS AND LOAN HOLDING COMPANY.-The term 'insur-
                            ance savings and loan holding company' means-
                                  (i) a savings and loan holding company with 75 percent or more of
                                its total consolidated assets in an insurance underwriting company (or
                                insurance underwriting companies), other than assets associated with
                                insurance for credit risk, during the 4 most recent consecutive quarters,
                                as calculated in accordance with Generally Accepted Accounting Prin-
                                ciples or the Statutory Accounting Principles in accordance with State
                                law;
                                  (ii) a company that-
                                     (I) was a savings and loan holding company as of July 21, 2010,
                                   and through date of enactment of this clause; and
                                     (II) was not subject to the Basel III capital regulation promul-
                                   gated by the Board of Governors of the Federal Reserve System
                                   and the Comptroller of the Currency on October 11, 2013 (78 Fed.
                                   Reg. 62018), because the savings and loan holding company held
                                   25 percent or more of its total consolidated assets in subsidiaries
                         79-006

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