Text: H.R.3861 — 115th Congress (2017-2018)All Information (Except Text)

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Reported in House (11/02/2018)

Union Calendar No. 789

115th CONGRESS
2d Session
H. R. 3861

[Report No. 115–1008]


To reform the Federal Insurance Office of the Department of the Treasury, and for other purposes.


IN THE HOUSE OF REPRESENTATIVES

September 28, 2017

Mr. Duffy (for himself and Mr. Heck) introduced the following bill; which was referred to the Committee on Financial Services

November 2, 2018

Additional sponsors: Mr. Poliquin, Mr. Budd, Ms. Tenney, Mr. Rothfus, Mr. Zeldin, Mr. Williams, Mr. Hultgren, Mr. Ross, Mr. Emmer, Mr. Graves of Missouri, Mr. Walberg, Mr. Moolenaar, Mr. Cuellar, Mr. Latta, Mr. Renacci, Mr. Young of Iowa, Mr. Barletta, Mr. Smucker, Mrs. Noem, and Mr. Brat

November 2, 2018

Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed

[Strike out all after the enacting clause and insert the part printed in italic]

[For text of introduced bill, see copy of bill as introduced on September 28, 2017]


A BILL

To reform the Federal Insurance Office of the Department of the Treasury, 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 “Federal Insurance Office Reform Act of 2018”.

SEC. 2. Reform of Federal Insurance Office.

(a) In general.—Section 313 of title 31, United States Code, is amended as follows:

(1) LEADERSHIP.—In the first sentence of subsection (b), by inserting before the period at the end the following: “after consultation with State insurance commissioners”.

(2) FUNCTIONS.—In subsection (c)(1)—

(A) in subparagraph (E), by striking “to coordinate” and all that follows through “United States” and inserting the following: “to coordinate Federal efforts, and to coordinate with the States, in developing Federal policy on prudential aspects of international insurance matters, including representing the Federal Government”;

(B) in subparagraph (F), by striking “to determine” and inserting “to assist the Secretary in determining”; and

(C) by striking subparagraph (G) and inserting the following:

“(G) to consult and work toward consensus with the States (including State insurance regulators) on matters of international importance; and”.

(3) GATHERING OF INFORMATION.—In subsection (e)—

(A) in paragraph (1)—

(i) in the matter preceding subparagraph (A), by striking “may—” and inserting “may enter into information-sharing agreements.”; and

(ii) by striking subparagraphs (A) through (D);

(B) by striking paragraphs (2), (3), (4), and (6); and

(C) by redesignating paragraph (5) as paragraph (2).

(4) PREEMPTION OF STATE INSURANCE MEASURES.—In subsection (f), by striking “Director” each place such term appears and inserting “Secretary”.

(5) CONSULTATION.—In subsection (i)—

(A) by striking “to the extent the Director determines appropriate,”; and

(B) by inserting before the period at the end the following: “and shall seek to include in such meetings, State insurance commissioners, or at the option of the State insurance commissioners, designees acting at the direction of the State insurance commissioners, throughout the negotiations of a covered agreement”.

(6) RETENTION OF EXISTING STATE REGULATORY AUTHORITY.—In subsection (k), by inserting before the period at the end the following: “or with the authority to participate in a supervisory college or similar regulatory process”.

(7) REPEAL OF CERTAIN REPORTS REQUIREMENTS.—By striking subsections (o) and (p) and redesignating subsections (q) through (s) as subsections (o) through (q), respectively.

(8) DEFINITION.—In subsection (p)(2), as so redesignated by paragraph (7)—

(A) in subparagraph (A), by striking “and” at the end;

(B) in subparagraph (B), by striking the period at the end and inserting “; and”; and

(C) by adding at the end the following new subparagraph:

“(C) does not include new prudential requirements for United States insurers.”.

(b) Conforming amendment.—Subparagraph (E) of section 313(c)(1) of title 31, United States Code, is amended by striking “subsection (r)” and inserting “subsection (p)”.

SEC. 3. Treatment of Terrorism Risk Insurance Act.

This Act and the amendments made by this Act may not be construed to affect any responsibilities, duties, or authorities of the Secretary of the Treasury under the Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note).


Union Calendar No. 789

115th CONGRESS
     2d Session
H. R. 3861
[Report No. 115–1008]

A BILL
To reform the Federal Insurance Office of the Department of the Treasury, and for other purposes.

November 2, 2018
Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed
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