Primary Regulators of Insurance Vote Act of 2022

(1) in subsection (b)—

(A) in paragraph (1)—

(i) by redesignating subparagraph (J) as subparagraph (K);

(ii) in subparagraph (I), by striking and at the end; and

(iii) by inserting after subparagraph (I) the following:

(J) a State insurance commissioner, appointed by the President, by and with the advice and consent of the Senate, as described in paragraph (4); and; and

(B) by adding at the end the following new paragraph:

Before making any appointments pursuant to paragraph (1)(J), the President shall request a list of recommended candidates from the States through the National Association of Insurance Commissioners. The President may appoint a member under paragraph (1)(J) that does not appear on such list. If the National Association of Insurance Commissioners fails to submit such list within 15 business days after the date of the request, the President may appoint a member under paragraph (1)(J) without considering the views of the National Association of Insurance Commissioners.; and

(2) in subsection (c)—

(A) in paragraph (1), by inserting, the State insurance commissioner shall serve for a term of 4 years after 6 years;

(B) by striking paragraph (2) and inserting the following:

Subject to subparagraph (B), any vacancy on the Council shall be filled in the manner in which the original appointment was made.

With respect to a vacancy in the membership of the State insurance commissioner serving under subsection (b)(1)(J)—

(i) the Federal Vacancy Reform Act (5 U.S.C. 3345 et seq.) shall not apply; and

(ii) such vacancy shall be filled by a State insurance commissioner, to be designated by a selection process determined by the State insurance commissioners, who shall serve as a nonvoting member of the Council until a successor is appointed and confirmed.; and

(C) in paragraph (4)—

(i) by striking independent member in the heading, and inserting insurance members; and

(ii) striking subsection (b)(1)(J) and inserting subsection (b)(1)(K) or the State insurance commissioner serving under subsection (b)(1)(J).

Section 111(b)(2) of the Financial Stability Act of 2010 (12 U.S.C. 5321(b)(2)) is amended by striking subparagraph (C) and redesignating subparagraphs (D) and (E) as subparagraphs (C) and (D), respectively.

Section 111(c)(1) of the Financial Stability Act of 2010 Act (12 U.S.C. 5321(c)(1)) is amended by striking by subparagraphs (C), (D), and (E) and inserting subparagraphs (C) and (D).

(1) in section 102(a) (12 U.S.C. 5311), by adding at the end the following:

The term Council means the Financial Stability Oversight Council established in section 111.;

(2) in section 112(a)(2)(D) (12 U.S.C. 5322(a)(2)(D)), by striking to monitor and inserting monitor;

(3) in section 154(c)(1) (12 U.S.C. 5344(c)(1))—

(A) by striking Center.— and all that follows through The Research and inserting the following: Center.— The Research; and

(B) by redesignating subparagraphs (A) through (H) as paragraphs (1) through (8), respectively; and

(4) in section 155(a)(2) (12 U.S.C. 5345(a)(2)), by striking the comma after subsection (c).