H.R.2141 - International Insurance Standards Transparency and Policyholder Protection Act of 2015114th Congress (2015-2016)
|Sponsor:||Rep. Duffy, Sean P. [R-WI-7] (Introduced 04/30/2015)|
|Committees:||House - Financial Services|
|Latest Action:||House - 04/30/2015 Referred to the House Committee on Financial Services. (All Actions)|
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Summary: H.R.2141 — 114th Congress (2015-2016)All Information (Except Text)
Introduced in House (04/30/2015)
International Insurance Standards Transparency and Policyholder Protection Act of 2015
This bill prescribes negotiating objectives for international insurance regulatory frameworks, including: (1) standards, requirements, and rules focused solely upon protection of policy holders, as reflected in the U.S. solvency regime; and (2) a negotiated international insurance regulatory framework that recognizes U.S. prudential measures as equivalent to foreign measures.
U.S. representatives are prohibited from agreeing to, accepting or establishing , any international standard applicable to:
- insurers, capital standards, and rules designed for banks;
- any insurer that has not been designated a systemically important financial institution under U.S. law or a global systemically important insurer by the Financial Stability Oversight Council, capital standards and rules designed for systemically important bank or non-bank financial institutions, and
- any capital standard or rule governing U.S. insurance entities (except entities designated under the Dodd-Frank Wall Street Reform and Consumer Protection Act) unless it is designed solely to help ensure that sufficient funds are available to pay claims to an insurer's policyholders in the event of the entity's liquidation.
The President must fulfill specified congressional consultation and public notice requirements with respect to any international insurance regulatory framework.