Policyholder Protection Act (H.R. 1478)
Washington, Dec 18 -
The Policyholder Protection Act, introduced by Congressman Posey and signed into law last December, will ensure that your personal insurance policies are not raided in order to bail out banks affiliated with your insurance company. This legislation will “wall off” insurance assets set aside to pay the claims of policyholders from the risky practices of an insurer’s affiliated financial institutions. In addition, this law requires the Federal Deposit Insurance Corporation (FDIC) to notify state insurance regulators when they intend to take a lien on insurance company assets and to consult with the states on how this action could affect policyholders. It also guarantees that these consumer protections will be available regardless of how an insurance company is structured.
Read the Policyholder Protection Act