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HR 3354

Primary Regulators of Insurance Vote Act of 2025

119th Congress Introduced by John Garamendi and 1 co-sponsor

HR 3354 establishes a structured voting process for insurance regulators, enhancing transparency and stakeholder engagement to protect consumers and improve industry oversight.

Introduced in House
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Bill Summary · HR 3354

Summary of HR 3354: Primary Regulators of Insurance Vote Act of 2025

Bill Number: HR 3354
Title: Primary Regulators of Insurance Vote Act of 2025
Status: Introduced in House
Introduced On: May 13, 2025
Classification: Bill

Purpose and Intent

The Primary Regulators of Insurance Vote Act of 2025 aims to enhance the regulatory framework governing insurance companies in the United States. The bill seeks to establish a more structured voting process for primary regulators, ensuring that decisions affecting the insurance industry are made transparently and with appropriate stakeholder input.

Key Provisions

  1. Regulatory Voting Structure:

    • The bill proposes a formalized voting mechanism for primary regulators overseeing insurance companies. This mechanism is designed to ensure that all regulatory decisions are made through a democratic process.

  2. Stakeholder Engagement:

    • The legislation emphasizes the importance of stakeholder engagement in the regulatory process. It mandates that primary regulators solicit input from various stakeholders, including insurance companies, consumer advocacy groups, and state insurance departments, before making significant regulatory decisions.

  3. Transparency Requirements:

    • HR 3354 includes provisions for increased transparency in the decision-making process of primary regulators. This includes public disclosure of voting records and the rationale behind regulatory decisions.

  4. Implementation Timeline:

    • The bill outlines a timeline for implementation, requiring primary regulators to adopt the new voting structure within a specified period following the bill's enactment.

Affected Parties

  • Insurance Companies: The primary focus of the bill is on insurance companies, which will be subject to the new voting and regulatory processes.
  • Regulatory Bodies: State and federal regulatory bodies overseeing the insurance industry will need to adapt to the new requirements set forth in the bill.
  • Consumers: The legislation aims to protect consumers by ensuring that their voices are heard in the regulatory process, potentially leading to more consumer-friendly policies.

Procedural Aspects

  • Committee Referral: Upon introduction, HR 3354 was referred to the House Committee on Financial Services for further consideration. This committee will review the bill and may hold hearings or discussions before it is brought to the floor for a vote.
  • Next Steps: The bill will undergo a legislative process that may include amendments, debates, and votes in both the House and Senate before it can be signed into law.

Conclusion

The Primary Regulators of Insurance Vote Act of 2025 represents a significant step towards enhancing the regulatory framework of the insurance industry in the U.S. By establishing a structured voting process and promoting stakeholder engagement, the bill aims to foster transparency and accountability in insurance regulation. As it moves through the legislative process, its implications for the insurance sector and consumers will be closely monitored.

Compiled from official sources — confirm details with the bill’s official record.

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