New bipartisan legislation aimed at allowing states to regulate insurance companies was introduced in the Senate on January 16.

The Business Act of 2024 was introduced by the Senator. Tim Scott, R-South Carolina, and Joe Manchin, D-West Virginia, went to the US Senate Committee on Banking, Housing and Urban Affairs to confirm that the Consumer Financial Protection Bureau ( CFPB) "did not exceed its statutory authority." >The CFPB was created as part of the 2010 Dodd-Frank Act, but according to the bill's drafters and the business watchdog committee, the CFPB collapsed with state governments-< "Congress made this clear in Dodd. "The Frank Act, Consumer Finance “It shows that the Bureau of Protection does not have the authority to regulate the insurance industry," he said. He is responsible for federal and policy affairs for the National Association of Mutual Insurance Companies (NAMIC). "Since that time, the Office has continued to deal with issues related to insurance products and services over which states have jurisdiction. Did. State regulators have specific knowledge of the risks and situations in their business and have been the gold standard for consumer protection for more than 150 years. Congress should use this opportunity to set clear boundaries for the CFPB. Doing this prevents conflicts between consumers and insurance companies and avoids the creation of duplicate or conflicting policies."

Nat Wienecke, senior vice president of government relations for the American Property Casualty Insurance Association (APCIA), added: "Senator Scott's Insurance Regulatory Reform Act is a step forward for more than 150 years of government--regulating insurance, protecting consumers. and has done a good job of promoting competition in the insurance industry.The approved legislation is also supported by the National Association of Insurance Commissioners (NAIC), the Council of Insurance Agents and Brokers, and the Independent Insurance Agents and Brokers. America, National Association of Professional Insurance Agents, R Street Institute, American Surety and Fidelity Association, US Chamber of Commerce, Defense Credit Union Council, Consumer Credit Industry Association, American Council of Life Insurance Companies, American Land Title Association, and National Association of Insurance and Financial Advisors.

Congressman Bryan Steil (R-Wis.) is the legislative leader of the US House of Representatives.

This isn't the first time Scott and Manchin have tried to limit the CFPB's insurance policy. Six years ago, Scott released the first insurance reform plan of 2018, which Manchin co-sponsored. This bill remained in the 115th Congress.

The NAIC said at the time that it “understands that some conflicts or abuses with other regulatory agencies may occur,” but the bill would clarify the purpose of the work avoidance.