legislation: 103-s-1619
Data license: Public Domain (U.S. Government data) · Data source: Federal Register API & Regulations.gov API
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| 103-s-1619 | 103 | s | 1619 | Insurance Protection Act of 1993 | Commerce | 1993-11-04 | 1993-11-04 | Read twice and referred to the Committee on Commerce. | Senate | Sen. Metzenbaum, Howard M. [D-OH] | OH | D | M000678 | 0 | TABLE OF CONTENTS: Title I: Insurance Regulatory Commission Title II: Federal Minimum Standards Title III: Reinsurance Title IV: National Insurance Guaranty Corporation Title V: Liquidation of Member Insurers Title VI: Criminal and Civil Penalties Insurance Protection Act of 1993 - Title I: Insurance Regulatory Commission - Establishes the Insurance Regulatory Commission (the Commission) to: (1) prescribe State insurance accreditation standards; and (2) grant certification to those States which meet and implement them. Permits a State so certified to issue an interstate insurance license to an insurer domiciled in that State. Prohibits an insurer domiciled in a non-certified State from conducting the business of insurance in interstate commerce. (Sec. 113) Requires the Commission to: (1) maintain a central depository for insurance data; and (2) make certain depository data available to the public. (Sec. 115) Requires the Commission to establish a Securities Valuation Office (SVO) to: (1) value and establish quality ratings for assets owned by insurers; and (2) publish a Valuations of Securities Manual containing the market prices and SVO quality ratings for all securities owned by insurers. Directs the Commission to promulgate rules and regulations to: (1) provide a source for uniform prices and quality ratings of assets held by insurers; (2) require life insurers and fraternal benefits societies to maintain a mandatory reserve for all assets based on SVO values and quality ratings; and (3) establish minimum standards for banks that issue letters of credit for reinsurance purposes. Title II: Federal Minimum Standards - Directs the Commission to: (1) establish standards for implementation by accredited State Insurance Departments; (2) require all insurers to maintain minimum capital and surplus amounts; (3) prescribe accounting procedures and practices for insurers; (4) establish standards for State Insurance Departments to use in identifying insurers deemed to be in hazardous financial condition; (5) establish regulatory requirements for insurance holding company systems; (6) prescribe risk limitations for property and liability companies; (7) require diversified investment portfolios for all insurers; (8) prescribe admissible assets for insurers' financial statements; (9) prescribe requirements for liabilities and reserves resulting from the issuance of insurance contracts; (10) require annual audits of all insurers by independent certified public accountants; and (11) require annual actuarial analyses for all insurers. (Sec. 212) Prescribes guidelines for policies transferred under an assumption reinsurance agreement. Sets restrictions on the ownership and control of an insurer. Mandates: (1) certain disclosures by an insurer to a consumer prior to an insurance purchase; and (2) certain consumer protections provided by State Insurance Departments. (Sec. 216) Prescribes guidelines for: (1) valuations of real estate assets held by insurers; (2) reinsurance transactions; (3) the use of surplus financial notes; and (4) State insurance department resources. (Sec. 221) Establishes the Insurance Advisory Committee to investigate and report to the President and the Congress on issues regarding Federal regulation of insurance and reinsurance. Title III: Reinsurance - Grants the Commission licensing authority over reinsurance transactions. Establishes the Office of Reinsurance Regulation, administered by a Director, to implement Commission licensing and regulatory powers over such transactions. Prescribes separate regulatory frameworks for professional reinsurers and for other providers of reinsurance. (Sec. 308D) Cites conditions under which a federally certified or a State regulated insurer may count reinsurance as an asset or deduction from liabilities. Grants the Commission exclusive jurisdiction to regulate reinsurance credit. Prescribes reporting, auditing, and full-scope examination requirements for reinsurers. Mandates Federal licensing of reinsurance intermediaries. (Sec. 315) Prescribes procedural guidelines for the Director to act as receiver for federally-licensed, insolvent domestic or foreign insurers and reinsurers. Title IV: National Insurance Guaranty Corporation - Establishes the National Insurance Guaranty Corporation (NIGC) to provide: (1) a payment program for covered claims under certain insurance policies; and (2) a uniform national system of administration for the liquidation of insolvent member insurers. Establishes the National Insurance Guaranty Fund to implement the payment system. Title V: Liquidation of Member Insurers - Declares that the NIGC shall act as receiver of an insolvent member insurer for liquidation purposes. Title VI: Criminal and Civil Penalties - Insurance Fraud Prevention Act of 1993 - Amends Federal criminal law to establish civil and criminal penalties for fraudulent acts affecting insurance activities in interstate commerce. | 2025-08-26T13:50:02Z |