OFFICIALS LEGISLATION INTEREST GROUPS PUBLIC STATEMENTS COMMITTEES VETOES

Policyholder Protection Act of 2015

Floor Speech

Date: Nov. 16, 2015
Issues: Entitlements and the Safety Net Finance and Banking Federal, State and Local Relations

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Mr. Speaker, I rise in strong support of H.R. 1478, the Policy Protection Act. I applaud my colleagues, Mr. Posey of Florida and Mr. Sherman of California, on their diligent work that they have put into crafting this legislation in the Financial Services Committee. I supported this legislation in committee.

The bill, in a nutshell, ensures that insurance company assets are, first and foremost, used to protect and pay policyholders' claims.

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This bill, which Mr. Sherman and Mr. Posey have worked so diligently on, brings parity among State law, Federal bank holding company laws, and now the savings and loan holding companies.

It clarifies that the FDIC's backup receivership authority is not triggered if a State insurance regulator decides to rehabilitate rather than to liquidate a troubled insurance company.

I certainly commend this bill to my colleagues. The Financial Services Committee has looked it over carefully. I urge support of this balanced proposal.

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