[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6436 Introduced in House (IH)]

<DOC>






114th CONGRESS
  2d Session
                                H. R. 6436

  To require that any international insurance standards agreed to by 
 parties representing the United States reflect existing United States 
  laws, regulations, and policies on regulation of insurance, and for 
                            other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            December 5, 2016

   Mr. Heck of Washington (for himself, Mr. Sherman, and Ms. Kuster) 
 introduced the following bill; which was referred to the Committee on 
                           Financial Services

_______________________________________________________________________

                                 A BILL


 
  To require that any international insurance standards agreed to by 
 parties representing the United States reflect existing United States 
  laws, regulations, and policies on regulation of insurance, 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 ``U.S. Insurance Regulation Works Act 
of 2016''.

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.
            (2) Protecting policyholders by guaranteeing an insurer's 
        ability to pay claims has been the hallmark of the successful 
        U.S. 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, while giving the Board of 
        Governors of the Federal Reserve System authority to regulate 
        certain non-bank entities on a consolidated basis, including 
        insurers that have been designated systemically important 
        financial institutions or that include an insured depository 
        institution and are regulated by the States at the insurance 
        entity level.

SEC. 3. REQUIREMENT THAT INTERNATIONAL INSURANCE STANDARDS REFLECT 
              UNITED STATES POLICY.

    Before assenting to any international insurance regulatory 
proposal, including proposals developed by the International 
Association of Insurance Supervisors, parties representing the Federal 
Government shall ensure that--
            (1) the proposal is consistent with and reflective of 
        existing Federal and State laws, regulations, and policies on 
        regulation of insurance, including the primacy of policyholder 
        protection in solvency regulation; and
            (2) existing Federal and State laws, regulations, and 
        policies on the regulation of insurance would be recognized as 
        satisfying such proposals.

SEC. 4. STATE INSURANCE REGULATOR INVOLVEMENT IN INTERNATIONAL STANDARD 
              SETTING.

    Parties representing the Federal Government in any international 
regulatory, standard-setting, or supervisory forum or in any 
negotiations of any international agreements relating to insurance 
shall, on matters related to insurance, consult with and seek to 
include in such meetings, State insurance commissioners or their 
designees.
                                 <all>