National Insurance Consumer Protection Act

[AI summary unavailable — showing source text] National Insurance Consumer Protection Act - Establishes in the Department of the Treasury the Office of National Insurance (Office), headed by a Commissioner, with regulatory oversight over national insurers and national insurance agencies. Directs the Commissioner to license, regulate, and supervise national insurance producers. Requires the Commissioner to establish: (1) a Division of Consumer Affairs; (2) a Division of Insurance Fraud; and (3) an Office of the Ombudsman. Authorizes the Commissioner to provide for the registration of insurance self-regulatory organizations and to supervise and regulate them. Requires the Commissioner to: (1) issue regulations on prudential supervision; (2) require national insurers and national insurance agencies to comply with federal anti-money laundering requirements; (3) promulgate regulations for prompt corrective action for any hazardous financial condition of a national insurer; (4) issue charters for national insurers and national agencies; (5) promulgate financial, policy, and market conduct standards; and (6) establish standards for a national insurance holding company. Authorizes the Commissioner to: (1) examine national insurers or n…