The main purpose of this legislation is to clarify the powers of the Bureau of Consumer Financial Protection (CFPB) in relation to individuals and entities that are regulated by state insurance regulators. It aims to ensure that the CFPB does not overstep its authority when dealing with these insurance-related businesses, particularly when they are providing consumer financial products or services. Key provisions of the legislation include specific limitations on the CFPB's enforcement capabilities regarding persons regulated by state insurance regulators.