Bill > S798

This bill, known as the Policyholder Protection Act of 2015, amends existing federal law to provide greater protection for insurance companies that also control or are affiliated with insured depository institutions, which are banks or savings associations that accept deposits and are insured by the Federal Deposit Insurance Corporation (FDIC). Specifically, it ensures that state insurance authorities have a voice in certain financial actions. The bill clarifies that regulations from the Board of Governors of the Federal Reserve System requiring a bank holding company (a company that controls a bank) to provide funds to a subsidiary depository institution will not apply to savings and loan holding companies that are also insurance companies, or other insurance companies controlling such institutions, if the state insurance authority determines that providing those funds would negatively impact the insurance company's financial health. Furthermore, the bill amends the Dodd-Frank Act to require the FDIC to notify state insurance authorities before placing a lien on the assets of an insurance company or its subsidiary, and it prohibits the FDIC from taking such a lien if the state insurance authority determines it would materially harm the insurance company's policyholders.