S 40

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A bill to authorize the issuance of Federal charters and licenses for carrying on the sale, solicitation, negotiation, and underwriting of insurance or any other insurance operations, to provide a comprehensive system for the Federal regulation and supervision of national insurers and national agencies, to provide for policyholder protections in the event of an insolvency or the impairment of a national insurer, and for other purposes.

Sponsor: John E. Sununu (R) NH

Status: Active

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5/24/2007--Introduced.National Insurance Act of 2007 - Establishes in the Department of the Treasury an Office of National Insurance (ONI), headed by a Commissioner of National Insurance, with Divisions of Insurance Fraud and of Consumer Affairs, and an Office of the Ombudsman.Authorizes the Commissioner to supervise, regulate, and provide for registration of insurance self-regulatory organizations. Requires the Commissioner to supervise national insurers and national agencies, including chartering and licensing. Removes them, as well as federally licensed insurance producers, from state oversight of insurance business practices. Authorizes the Commissioner to provide for the organization, operation, and regulation of National Insurance Companies and National Insurance Agencies, including U.S. branches of non-U.S. Insurers. Requires national insurers to obtain a federal license. Provides for conversion of state insurers to national insurers or state insurance agencies to national agencies, and vice versa. Prescribes requirements for national life insurer product regulation, including mandatory election for either national or state participating policy procedures governing a national life insurer in mutual form. Sets forth requirements governing prompt corrective action. Authorizes the Commissioner to: (1) license insurers that are not national insurers to provide reinsurance; and (2) issue federal insurance producer licenses. Restricts specified state actions.Provides for: (1) mergers, consolidations, and acquisitions of national insurers and national agencies; and (2) conversion of stock life insurers to national life insurer in mutual form, and vice versa.Subjects national insurers and national agencies to state taxation.Prohibits states from preventing or restricting national insurers from engaging in specified insurance business practices.Requires registration with the Commissioner of national insurers that belong to an insurance holding company system. Authorizes the Commissioner to appoint the ONI as receiver for a national insurer for rehabilitation or liquidation. Requires national insurers to join guaranty associations in each state, which may levy assessments on them for purposes of insolvency protection.Establishes a National Insurance Guaranty Corporation to provide benefits to policyholders of a national life insurer under federal receivership. Sets forth requirements governing claims covered for policy holders of national property/casualty insurers. Applies federal antitrust laws to national insurers, national agencies, and federally licensed insurance producers. Exempts national insurers, national agencies, and federally licensed insurance producers from state regulation, except as expressly provided in this Act.

Text of Legislation:

S 40 IS

111th CONGRESS

1st Session

S. 40

A bill to designate Fossil Creek, a tributary of the Verde River in the State of Arizona, as a component of the National Wild and Scenic Rivers System.

IN THE SENATE OF THE UNITED STATES

January 6, 2009

Mr. MCCAIN (for himself and Mr. KYL) introduced the following bill; which was read twice and referred to the Committee on Energy and Natural Resources

A BILL

A bill to designate Fossil Creek, a tributary of the Verde River in the State of Arizona, as a component of the National Wild and Scenic Rivers System.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ‘Fossil Creek Wild and Scenic River Act’.

SEC. 2. DESIGNATION OF WILD AND SCENIC RIVER SEGMENTS.

Section 3(a) of the Wild and Scenic Rivers Act (16 U.S.C. 1274(a)) is amended by adding at the end the following:

‘(171) FOSSIL CREEK, ARIZONA- Approximately 16.8 miles of Fossil Creek from the confluence of Sand Rock and Calf Pen Canyons to the confluence with the Verde River, to be administered by the Secretary of Agriculture in the following classes:
‘(A) The approximately 2.7-mile segment from the confluence of Sand Rock and Calf Pen Canyons to the point where the segment exits the Fossil Spring Wilderness, as a wild river.
‘(B) The approximately 7.5-mile segment from where the segment exits the Fossil Creek Wilderness to the boundary of the Mazatzal Wilderness, as a recreational river.
‘(C) The 6.6-mile segment from the boundary of the Mazatzal Wilderness downstream to the confluence with the Verde River, as a wild river.’.

SEC. 3. RESTORATION ACTIVITIES.

(a) Arizona Public Service Company- Without further consultation under section 7 of the Wild and Scenic Rivers Act (16 U.S.C. 1278), Arizona Public Service Company, the former licensee for the Childs-Irving Hydroelectric Project (FERC project number 2069), may conduct project decommissioning and restoration activities agreed to in the surrender application and relevant docketed filings with the Federal Energy Regulatory Commission.

(b) Federal and State Agencies- Federal and State agencies may conduct native fish restoration and barrier maintenance activities in accordance with the Environmental Assessment, Decision Notice, and Finding of No Significant Impact for the document entitled ‘Native Fish Restoration in Fossil Creek’ and dated 2004.

SEC. 4. STREAM MONITORING.

Notwithstanding the amendment made by section 2, the United States Geological Survey or any other entity that has been given written permission for the activity from the Secretary of Agriculture may undertake any necessary activities, including access by any existing road, to install, operate, maintain, or otherwise manage 1 or more stream flow gauges in Fossil Creek in cooperation with the Forest Service for the purpose of monitoring and collecting stream flow and other water resource information.