Members of the Senate voted 67-31 Wednesday for S. 2155, a Dodd-Frank Act change bill that includes two sections that could have a direct effect on agents who sell life insurance, annuities, long-term care planning products, and other life, health and annuity products.
All Republicans who participated voted for the bill.
Sixteen of the 47 Democrats and independents who participated also voted for the bill.
One provision in S. 2155, which is now designated as Section 2011, would require federal financial services regulators to ”achieve consensus positions with state insurance regulators” before agreeing to international insurance regulation deals. That could, for example, reduce the odds that the United States will apply Europe’s Solvency II financial standards to U.S. life and annuity operations.
Another provision, Section 303, could help insurance agents who want to do something when they think older clients may be the victims of financial abuse. Section 303 would provide immunity against lawsuits and regulatory action for trained financial services professionals who report suspicions of wrongdoing against seniors to regulators or law-enforcement authorities.
The bill, which was introduced by Sen. Mike Crapo, R-Idaho, also contains many provisions of interest to banks and credit unions and has been described as a Dodd-Frank rollback bill.