[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4592 Introduced in House (IH)]
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116th CONGRESS
1st Session
H. R. 4592
To preserve the State-based system of insurance regulation and provide
greater oversight of and transparency on international insurance
standards setting processes, and for other purposes.
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IN THE HOUSE OF REPRESENTATIVES
October 1, 2019
Mr. Heck (for himself and Mr. Budd) introduced the following bill;
which was referred to the Committee on Financial Services
_______________________________________________________________________
A BILL
To preserve the State-based system of insurance regulation and provide
greater oversight of and transparency on international insurance
standards setting processes, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``International Insurance Standards
Act of 2019''.
SEC. 2. CONGRESSIONAL FINDINGS.
The Congress finds the following:
(1) The State-based system for insurance regulation in the
United States has served American consumers well for more than
150 years and has fostered an open and competitive marketplace
with a diversity of insurance products to the benefit of
policyholders and consumers.
(2) Protecting policyholders by regulating to ensure an
insurer's ability to pay claims has been the hallmark of the
successful United States system and should be the paramount
objective of domestic prudential regulation and emerging
international standards.
(3) The Dodd-Frank Wall Street Reform and Consumer
Protection Act (Public Law 111-203) reaffirmed the State-based
insurance regulatory system.
SEC. 3. REQUIREMENT THAT INSURANCE STANDARDS REFLECT UNITED STATES
POLICY.
(a) Requirement.--
(1) In general.--Parties representing the Federal
Government in any international regulatory, standard-setting,
or supervisory forum or in any negotiations of any
international agreements relating to the prudential aspects of
insurance shall not agree to, accede to, accept, or establish
any proposed agreement or standard if such parties determine
that the United States system of insurance regulation would not
satisfy such proposals.
(2) Inapplicability.--Paragraph (1) shall not apply to any
forum or negotiations relating to a covered agreement (as such
term is defined in section 313(r) of title 31, United States
Code).
(b) Federal Insurance Office Functions.--Subparagraph (E) of
section 313(c)(1) of title 31, United States Code, is amended by
inserting ``Federal Government'' after ``United States''.
(c) Negotiations; Regulatory Dialogues.--
(1) Negotiations.--Nothing in this section shall be
construed to prevent participation in negotiations of any
proposed agreement or standard.
(2) Regulatory dialogues.--Nothing in this section shall
apply to regulatory dialogues not intended to create standards
or result in an agreement not creating standards relating to
the prudential aspects of insurance.
SEC. 4. STATE INSURANCE REGULATOR INVOLVEMENT IN INTERNATIONAL STANDARD
SETTING.
In developing international insurance standards or agreements
pursuant to section 3, and throughout the negotiations of such
standards or agreements, and in regulatory dialogues, parties
representing the Federal Government shall, on matters related to
insurance, 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.
SEC. 5. CONSULTATION WITH CONGRESS.
(a) Requirement.--Parties representing the Federal Government with
respect to any agreement under section 3 shall provide written notice
to and consult with the Committee on Financial Services of the House of
Representatives and the Committee on Banking, Housing, and Urban
Affairs of the Senate, and any other relevant committees of
jurisdiction--
(1) before initiating negotiations to enter into the
agreement, regarding--
(A) the intention of the United States to
participate in or enter into such negotiations; and
(B) the nature and objectives of the negotiations;
and
(2) during negotiations to enter into the agreement,
regarding--
(A) the nature and objectives of the negotiations;
(B) the implementation of the agreement, including
how it is consistent with and does not materially
differ from or otherwise affect Federal or State laws
or regulations;
(C) the impact on the competitiveness of United
States insurers; and
(D) the impact on United States consumers.
(b) Consultation With Federal Advisory Committee on Insurance.--
Before entering into an agreement under section 3, the Secretary of the
Treasury shall seek to consult with the Federal Advisory Committee on
Insurance formed pursuant to section 313(h) of title 31, United States
Code.
SEC. 6. REPORT TO CONGRESS ON INTERNATIONAL INSURANCE AGREEMENTS.
Before entering into an agreement under section 3, parties
representing the Federal Government shall submit to the appropriate
congressional committees and leadership a report that describes--
(1) the implementation of the agreement, including how it
is consistent with and does not materially differ from or
otherwise affect Federal or State laws or regulations;
(2) the impact on the competitiveness of United States
insurers; and
(3) the impact on United States consumers.
SEC. 7. INAPPLICABILITY TO TRADE AGREEMENTS.
This Act shall not apply to any forum or negotiations related to a
trade agreement.
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