Federal Insurance Commission Act

Federal Insurance Commission Act - Creates the Federal Insurance Commission which shall have the duty to supervise and regulate all activities of any insurer affecting commerce, to insure that such insurer is solvent, charges reasonable premiums, and otherwise acts in the public interest.

Declares unfair insurance practices in commerce to be unlawful. Empowers and directs the Commission to prevent persons from engaging in unfair insurance practices.

Sets forth the procedures to be employed by the Commission in any proceeding against any person believed to be using unfair insurance practices in commerce. Empowers the Commission to issue cease and desist orders to persons, partnerships, or corporations found to be involved in such practices. Sets forth the procedure for obtaining a review of such order in the United States courts of appeals.

Transfers to and vests in the Federal Insurance Commission, all the functions, powers, and duties of the Federal Insurance Administrator of the Department of Housing and Urban Development, and of the other officers and offices within the Federal Insurance Administration.

Authorizes the appropriation of such sums as the Commission may deem necessary to carry out its duties under this Act.