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Washington,
D.C.
–
Yesterday
afternoon,
U.S.
Senator
Tim
Scott
(R-SC)
introduced
targeted,
bipartisan
legislation
that
would
ensure
the
Consumer
Financial
Protection
Bureau
(CFPB),
which
was
created
by
the
Dodd-Frank
Wall
Street
Reform
and
Consumer
Protection
Act,
does
not
regulate
the
business
of
insurance.
The
Business
of
Insurance
Regulatory
Reform
Act
of
2018
aims
to
better
codify
the
CFPB’s
current
boundaries
in
the
insurance
business
and
seeks
to
keep
insurance
regulation
on
the
state
level
where
it
belongs.
Additional
co-sponsors
include
Senators
Tammy
Baldwin
(D-WI),
Joe
Manchin
(D-WV),
and
Mike
Rounds
(R-SD).
“As
someone
who
sold
insurance
for
23
years,
I
answered
to
our
state’s
insurance
director
in
Columbia,
not
bureaucrats
in
Washington,”
said
Scott.
“Congress
never
intended
for
the
CFPB
to
be
an
insurance
regulator,
and
this
bipartisan,
commonsense
bill
ensures
that
our
150-year
old
system
of
state-based
insurance
regulation
stays
in
place
while
keeping
costs
down
for
policyholders
of
all
kinds.”
This
legislation
has
already
received
considerable
support
from
various
groups,
including
the
Carolinas
Credit
Union
League,
the
National
Association
of
Insurance
Commissioners
(NAIC),
the
U.S.
Chamber
of
Commerce,
American
Council
of
Life
Insurers
(ACLI),
Independent
Insurance
Agents
and
Brokers
of
America
(The
Big
“I”),
National
Association
of
Mutual
Insurance
Companies
(NAMIC),
and
the
Property
Casualty
Insurers
Association
of
America
(PCI).
Companion
legislation
was
introduced
in
the
House
of
Representatives
by
Rep.
Sean
Duffy
(R-WI)
and
Rep.
Gwen
Moore
(D-WI).
The
bill
was
advanced
by
the
House
Financial
Services
Committee
on
a
bipartisan
vote
of
37-18
on
January
18,
2018.
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