Federal Insurance Commission Act

Federal Insurance Commission Act - Subtitle A: Federal Insurance Commission Act.

Subtitle B: Establishment of Federal Insurance Commission - Creates the Federal Insurance Commission. Requires the Commission to submit annual reports to the Congress and the President. Requires the principal office of the Commission to be located in or near the District of Columbia. Specifies the general powers of the Commission.

Subtitle C: Supervision and Regulation by Federal Insurance Commission - Imposes on the Commission the duty to supervise and regulate all activities of any insurer affecting commerce to ensure that such insurer is solvent, charges reasonable premiums, and otherwise acts in the public interest. Allows the Commission to require the filing of certain reports, documentation, and information as it may deem appropriate.

Subtitle D: Unfair Insurance Practices - Declares unfair insurance practices in commerce to be unlawful. Empowers and directs the Commission to prevent persons from engaging in such practices.

Sets forth the procedures to be employed by the Commission in any proceeding against a person believed to be using unfair insurance practices in commerce. Empowers the Commission to issue cease and desist orders to persons involved in such practices. Sets forth the procedures for obtaining review of such orders in a U.S. court of appeals. Sets forth the conditions under which such an order becomes final, is modified, or is set aside. Sets penalties for violations of such orders.

Subtitle E: Federal Insurance Administration - Transfers to and vests in the Federal Insurance Commission all the functions, powers, and duties of the Federal Insurance Administration of the Department of Housing and Urban Development.

Subtitle F: Definitions and Miscellaneous - Defines terms. Authorizes appropriations.