Federal Insurance Administration Act

Summary

TABLE OF CONTENTS: Title I: Federal Insurance Administration Title II: Regulation of Foreign Insurers Title III: Liquidity Assistance by Federal Reserve Banks to Well-Capitalized Insurance Companies Title IV: Disclosure of Insurance Availability Information Federal Insurance Administration Act - Title I: Federal Insurance Administration - Reestablishes the Federal Insurance Administration of the Federal Emergency Management Agency as an independent entity called the Federal Insurance Administration (FIA). Transfers to the FIA Administrator all functions of the Director of the Federal Emergency Management Agency with respect to crime and flood insurance. Title II: Regulation of Foreign Insurers - Requires a foreign insurer to be certified by the FIA Administrator as the prerequisite for acting as a direct insurer. Requires the Administrator to set certification standards according to prescribed guidelines. Precludes direct insurers who are either licensed or certified from claiming reinsurance from a foreign reinsurer for liability purposes unless the foreign reinsurer is similarly FIA-certified. Directs the Administrator to establish standards for foreign insurers and reinsurers with respect to their financial statements and examinations of their financial condition. Provides for decertification for non-compliance with this Act. Requires the Administrator to establish and make available to law enforcement and regulatory agencies a national data base regarding illegal insurance and reinsurance activities. Sets forth civil and criminal penalties for non-compliance. Title III: Liquidity Assistance by Federal Reserve Banks to Well-Capitalized Insurance Companies - Insurance Liquidity and Solvency Act of 1993 - Directs the Administrator to establish eligibility criteria for liquidity assistance by Federal Reserve banks to insurance companies meeting certain financial status requirements. Provides for decertification for non-compliance with this Act. Prescribes liquidity assistance application procedures. Amends the Federal Reserve Act to prescribe procedures for liquidity assistance to approved insurance companies. Title IV: Disclosure of Insurance Availability Information - Insurance Disclosure Act - Requires certain designated sellers of insurance to submit annually to the Administrator specified information regarding where and to whom they have sold insurance. Directs the Administrator to establish publicly accessible central depositories of such information. Directs the Administrator to promulgate regulations to ensure that the termination practices used for agents who handle private mortgage, property, or casualty insurance do not result in unfair discrimination against such agents because of either their geographic locations or that of their clients. Directs the Administrator to: (1) compile annually for each Metropolitan Statistical Area (MSA) aggregate data by census tract regarding certain designated insurers; and (2) produce tables for each MSA indicating aggregate insurance underwriting patterns for various categories of census tracts grouped according to location, age of property, income level, and racial characteristics.

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Documents

7 official files

• Reported in House (text)

  Reported in House · EN · 28 October 1993

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• Reported in House (PDF)

  Reported in House · EN · 28 October 1993

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• Reported to House amended, Part II

  summary · EN · 28 October 1993

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• Reported to House amended, Part I

  summary · EN · 19 October 1993

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• Introduced in House (text)

  Introduced in House · EN · 9 March 1993

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• Introduced in House (PDF)

  Introduced in House · EN · 9 March 1993

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• Introduced in House

  summary · EN · 9 March 1993

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