Insurance regulation in a nutshell

(g)Title VII – Conforming Amendments and Miscellaneous Provisions

Title VII includes a provision barring a state from discriminating against state insurers or producers under certain circumstances, including those declaring an intention to convert to a federal charter.
State insurers are generally exempt from the federal antitrust laws under the McCarran Ferguson Act. Title VII includes a provision that will subject National Insurers to the federal antitrust laws subject to limited exceptions (e.g., development, dissemination and use of standard insurance policy forms).
This Title also grants federal court jurisdiction over civil court actions commenced in the United States against any Regulated Person. Venue will be had in the judicial district where the insurer or agency is located. Judicial review of an order of the Commissioner by a National Insurer or National Agency may be had in the United States Court of Appeals within any circuit wherein the party has its main office or in the United States Court of Appeals for the District of Columbia.
Other conforming amendments are made to the following federal laws to accommodate National Insurers and National Agencies: Freedom of Information Act, federal securities laws, the Employee Retirement Income Security Act of 1974, the Gramm-Leach-Bliley Act, the Federal Deposit Insurance Act, the Bank Holding Company Act of 1956, the Americans With Disabilities Act of 1990, the Age Discrimination in Employment Act and the Fair Credit Reporting Act.

(h)NIA Timetable

The NIA contemplates the following timetable after its enactment and before the first National Insurer is chartered under the Act: (i) the Commissioner is appointed by the President and confirmed by the Senate, (ii) the Commissioner issues insurance SRO regulations (not later than two years after date of enactment), (iii) the Commissioner publishes, in interim final form, the specific non-financial regulations listed in NIA §1211(a) (not later than two years after Senate confirmation of the Commissioner), (iv) the Commissioner publishes NIA §1212(a) financial regulations in final form (tied to NAIC standards and models adopted as of the date of introduction of the NIA) (no later than two years after Senate confirmation of the Commissioner), and (v) the Commissioner publishes notice announcing that the Office is prepared to act on chartering and licensing applications (the date the Commissioner publishes, in interim final form, the last of the specific regulations listed in NIA §1211(a)).