HR 4537 — International Insurance Standards Act of 2018

Summary

International Insurance Standards Act of 2018 (Sec. 3) This bill prohibits parties representing the federal government in an international insurance agreement from agreeing to any standard unless it recognizes the existing U.S. system of regulation as satisfying that standard. (Sec. 4) In developing international insurance standards, the parties must coordinate with state insurance regulators. (Sec. 5) Parties representing the United States in such proceedings must consult with and notify Congress regarding the intention to participate in the negotiations, the nature and objectives of the negotiations, and the details of the agreement. (Sec. 6) Before entering into any agreement, the parties must report to Congress regarding the implementation and impact of the agreement. (Sec. 7) The bill amends the Federal Insurance Office Act of 2010 to modify requirements for an international agreement entered into by the Department of the Treasury's Federal Insurance Office. Such an agreement must only apply on a prospective basis. In developing an agreement, the parties must coordinate with state insurance regulators. Congress has the power to review and disapprove by joint resolution any agreement.

Bill Text

Compared against current U.S. Code AI-generated reading aid — verify against the official bill.

The bill amends existing law to enhance State involvement and oversight in international insurance standards while modifying several related processes.

• 31 U.S.C. § 313(c)(1)

  to consult with the States (including State insurance regulators) regarding insurance matters of national importance and prudential insurance matters of international importance; → to closely consult, coordinate with, and seek to include in such meetings State insurance commissioners or, at the option of the State insurance commissioners, designees of the insurance commissioners acting at their direction.

  This change emphasizes the involvement of State insurance regulators in international discussions.

• 31 U.S.C. § 313(c)(1)(E)

  to coordinate Federal efforts and develop Federal policy on prudential aspects of international insurance matters, including representing the United States, as appropriate, in the International Association of Insurance Supervisors (or a successor entity) and assisting the Secretary in negotiating covered agreements (as such term is defined in subsection (r)); → to coordinate Federal efforts and develop Federal policy on prudential aspects of international insurance matters, including representing the United States, as appropriate, in the International Association of Insurance Supervisors (or a successor entity) and assisting the Secretary in negotiating covered agreements (as such term is defined in subsection (r)) and the Federal Government.

  This change clarifies that the Federal Government should also be included in consultations for international standards.

• 31 U.S.C. § 313(f)

  Director → Secretary

  This amendment shifts the authority from the Director to the Secretary regarding preemption of State insurance measures.

• 31 U.S.C. § 313(r)(2)

  (B); → (B); and

  This change modifies the definitions related to covered agreements to refine the language.

• 31 U.S.C. § 314(b)(2)(C)

  laws → and Federal law, and the nature of any changes in the laws of the United States or the administration of such laws that would be required to carry out a covered agreement

  This expands the requirements for consultation with Congress to include impacts on Federal law.

• 31 U.S.C. § 314(b)

  the congressional committees specified in subsection (b)(1) → appropriate congressional committees and leadership and to congressional committee staff with proper security clearances

  Enhances access for congressional staff to documents related to negotiations of covered agreements.

• 31 U.S.C. § 314

  only if-- → only if, before signing the final legal text or otherwise entering into the agreement--

  Clarifies the procedural requirements before entering into covered agreements.

• 31 U.S.C. § 314(d)(2)

  the congressional committees specified in subsection (b)(1) → appropriate congressional committees and leadership and to congressional committee staff with proper security clearances

  This update ensures that more legislative stakeholders are informed during the agreement processes.

• 31 U.S.C. § 314

  90-day period beginning on the date on which the copy of the final legal text of the agreement is submitted under paragraph (1) to the congressional committees, leadership, and staff has expired → the 90-day period beginning on the date on which the copy of the final legal text of the agreement is submitted under paragraph (1)

  Streamlines the timeframe associated with congressional review of covered agreements.

• 31 U.S.C. § 314(e)

  Throughout the negotiations of a covered agreement, parties representing the Federal Government shall closely consult and coordinate with State insurance commissioners.

  Formalizes the requirement for consultation with State insurance commissioners during negotiations.

Action History

1. December 04, 2017

   Introduced in House

2. December 04, 2017

   Introduced in House

3. December 04, 2017

   Referred to the Committee on Financial Services, and in addition to the Committee on Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

4. December 04, 2017

   Referred to the Committee on Financial Services, and in addition to the Committee on Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

5. December 12, 2017

   Committee Consideration and Mark-up Session Held.

6. December 13, 2017

   Committee Consideration and Mark-up Session Held.

7. December 13, 2017

   Ordered to be Reported (Amended) by the Yeas and Nays: 56 - 4.

8. July 03, 2018

   Reported (Amended) by the Committee on Financial Services. H. Rept. 115-804, Part I.

9. July 03, 2018

   Reported (Amended) by the Committee on Financial Services. H. Rept. 115-804, Part I.

10. July 03, 2018

    Committee on Rules discharged.

11. July 03, 2018

    Committee on Rules discharged.

12. July 03, 2018

    Placed on the Union Calendar, Calendar No. 623.

13. July 10, 2018

    Mr. Huizenga moved to suspend the rules and pass the bill, as amended.

14. July 10, 2018

    Considered under suspension of the rules. (consideration: CR H6007-6010)

15. July 10, 2018

    DEBATE - The House proceeded with forty minutes of debate on H.R. 4537.

16. July 10, 2018

    Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.(text: CR H6007-6008)

17. July 10, 2018

    On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H6007-6008)

18. July 10, 2018

    Motion to reconsider laid on the table Agreed to without objection.

19. July 11, 2018

    Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Sponsors

• Sean P. Duffy · Primary

Subjects