[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3861 Reported in House (RH)]

<DOC>





                                                 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