Life insurance and annuities will be excluded from the legislation of the Consumer Financial Protection Agency (CFPA). The announcement came as a result of an achievement by Congresswoman Gwen Moore (D-WI) and Congressman Erik Paulsen (R-MN).
After clarifying the definition of the “business of insurance,” Moore, Paulsen and the House Financial Services Committee were able to determine that life insurance and annuities were not to be included under the jurisdiction of the new agency.