[Congressional Record Volume 164, Number 41 (Thursday, March 8, 2018)]
[Senate]
[Page S1600]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 2180. Mrs. MURRAY (for herself, Ms. Collins, Ms. Hassan, and Mrs. 
Shaheen) submitted an amendment intended to be proposed by her to the 
bill S. 2155, to promote economic growth, provide tailored regulatory 
relief, and enhance consumer protections, and for other purposes; which 
was ordered to lie on the table; as follows:

       In section 212, redesignate subsection (c) as subsection 
     (e).
       In section 212, insert after subsection (b) the following:
       (c) Requirements for Consent to Adopt International Capital 
     Insurance Standards.--The Secretary of the Treasury and the 
     Board of Governors of the Federal Reserve System may not 
     agree to, accept, establish, enter into, or consent to the 
     adoption of a final international capital insurance standard 
     with an international standard-setting organization or a 
     foreign government, authority, or regulatory entity unless--
       (1) the Secretary and the Chair of the Board of Governors 
     have, with respect to the text of the proposed final 
     international capital insurance standard--
       (A) published the text in the Federal Register;
       (B) made the text available for public comment for a period 
     of not less than 30 days; and
       (C) submitted a copy of the text to the Committee on 
     Banking, Housing, and Urban Affairs of the Senate and the 
     Committee on Financial Services of the House of 
     Representatives on a date on which both Houses of Congress 
     are in session;
       (2) the international capital insurance standard is not 
     inconsistent with capital requirements set forth in the 
     State-based system of insurance regulation;
       (3) if the international capital insurance standard will 
     apply to a company supervised by the Board of Governors, the 
     international capital insurance standard is not inconsistent 
     with the capital requirements of the Board of Governors for 
     that company; and
       (4) the international capital insurance standard recognizes 
     the system of insurance regulation in the United States as 
     satisfying the standard.
       (d) Involvement of State Insurance Regulators.--During the 
     development and negotiation of any international capital 
     insurance standard or international insurance agreement, 
     including a covered agreement under section 314 of title 31, 
     United States Code, any party representing the United States 
     shall, on any matter relating to insurance, closely consult 
     and coordinate with, and include in any meeting with respect 
     to that development and negotiation--
       (1) the State insurance commissioners; or
       (2) a designee of the State insurance commissioners, who 
     shall act at the discretion of the State insurance 
     commissioners.
                                 ______