To establish an Office of Insurance Information in the Department of the Treasury.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Insurance Information Act of 2008''.

SEC. 2. OFFICE OF INSURANCE INFORMATION.

    (a) Duties of Secretary.--Section 321(a) of title 31, United States 
Code, is amended--
            (1) in paragraph (7), by striking ``and'' at the end;
            (2) in paragraph (8)(C), by striking the period at the end 
        and inserting ``; and''; and
            (3) by adding at the end the following new paragraph:
            ``(9) advise the President and the Congress on domestic and 
        international policy issues in connection with all lines of 
        insurance except health insurance.''.
    (b) Establishment of Office.--Subchapter I of chapter 3 of title 
31, United States Code, is amended--
            (1) by transferring and inserting section 312 after section 
        313;
            (2) by redesignating sections 313 and 312 (as so 
        transferred) as sections 312 and 314, respectively; and
            (3) by inserting after section 312 (as so redesignated) the 
        following new section:

``SEC. 313. OFFICE OF INSURANCE INFORMATION.

    ``(a) Establishment.--There is established within the Department of 
the Treasury the Office of Insurance Information (in this section 
referred to as the `Office').
    ``(b) Leadership.--The Office shall be headed by a Deputy Assistant 
Secretary, who shall be appointed by the Secretary of the Treasury. The 
position of such Deputy Assistant Secretary shall be a career reserved 
position in the Senior Executive Service.
    ``(c) Functions.--The Deputy Assistant Secretary who is the head of 
the Office shall have the authority--
            ``(1) pursuant to the direction of the Secretary--
                    ``(A) to receive, analyze, collect, and disseminate 
                publicly available data and information and issue 
                reports regarding all lines of insurance except health 
                insurance; and
                    ``(B) to establish Federal policy on international 
                insurance matters and ensure that State insurance laws 
                are consistent with agreements relating to such Federal 
                policy entered into by the United States or on its 
                behalf by a designated representative (including the 
                Secretary of the Treasury and the United States Trade 
                Representative) with a foreign government or regulatory 
                entity; and
            ``(2) to advise the Secretary on major domestic and 
        international insurance policy issues, including matters that 
        affect consumers and insurers, such as bond insurance and other 
        financial guarantee insurance, private mortgage insurance, 
        catastrophe insurance, and reinsurance collateral requirements.
    ``(d) Scope.--The authority of the Office and the Deputy Assistant 
Secretary with respect to insurance shall extend to all lines of 
insurance except health insurance.
    ``(e) Preemption of State Law.--
            ``(1) Standard.--Any law or regulation of any State is 
        preempted to the extent that such law or regulation is 
        inconsistent with Federal policy on international insurance 
        matters set forth in an agreement entered into by the United 
        States or on its behalf by a designated representative 
        (including the Secretary of the Treasury and the United States 
        Trade Representative) with a foreign government or regulatory 
        entity.
            ``(2) Determination.--Pursuant to the direction of the 
        Secretary, the Deputy Assistant Secretary is authorized to 
        determine whether inconsistencies referred to in paragraph (1) 
        exist and, in the case of any such determination, shall notify 
        the appropriate State of such determination.
            ``(3) Administrative review.--The State shall have the 
        right to appeal any determination of inconsistency pursuant to 
        paragraph (2) to the Secretary.
            ``(4) Limitation.--No State may enforce any insurance law 
        or regulation that has been preempted pursuant to this 
        subsection.
    ``(f) Reports to Congress.--The Deputy Assistant Secretary who is 
the head of the Office shall submit a report during each Congress to 
the Committee on Financial Services of the House of Representatives and 
the Committee on Banking, Housing, and Urban Affairs of the Senate on 
the financial state of the insurance industry, meaningful trends in the 
industry, any actions taken by the Office pursuant to subsection (e) 
(regarding preemption of inconsistent State laws), and any other 
information as deemed relevant by the Deputy Assistant Secretary or as 
requested by such Committees.
    ``(g) Use of Existing Resources.--The Office may employ personnel, 
facilities, and other Department of the Treasury resources available to 
the Secretary on the date of enactment of the Insurance Information Act 
of 2008 in carrying out this section, except as otherwise prohibited by 
law.
    ``(h) Retention of Existing Regulatory Authority.--Except to the 
extent necessary to satisfy the requirements, obligations, and powers 
granted under this section and the Insurance Information Act of 2008, 
nothing in this section may be construed to establish any general 
supervisory or regulatory authority of the Office or the Department of 
the Treasury over any insurer.
    ``(i) Advisory Group.--
            ``(1) Establishment.--There is hereby established the 
        Advisory Group to the Office of Insurance Information.
            ``(2) Membership.--The Advisory Group shall consist of no 
        more than 9 members who shall be appointed by the Secretary, 
        and shall include representatives of the National Association 
        of Insurance Commissioners, the Department of Commerce, and the 
        Office of the United States Trade Representative, and such 
        representatives of the insurance industry, consumer groups, and 
        other organizations as the Secretary determines are 
        appropriate.
            ``(3) Duties.--The Advisory Group shall make 
        recommendations to the Secretary and the Deputy Assistant 
        Secretary who is the head of the Office regarding the function 
        of the Office under subsection (c)(1)(B) and determinations 
        pursuant to subsection (e)(2).
    ``(j) Authorization of Appropriations.--There are authorized to be 
appropriated for the Office such sums as may be necessary for each 
fiscal year.''.
    (c) Independence in Congressional Testimony and Recommendations.--
Section 111 of Public Law 93-495 (12 U.S.C. 250) is amended by 
inserting ``the Deputy Assistant Secretary of the Treasury who is the 
head of the Office of Insurance Information of the Department of the 
Treasury,'' after ``Office of Thrift Supervision,''.
    (d) Clerical Amendment.--The table of sections for subchapter I of 
chapter 3 of title 31, United States Code, is amended by striking the 
item relating to section 312 and inserting the following new items:

``Sec. 312. Terrorism and Financial Intelligence.
``Sec. 313. Office of Insurance Information.
``Sec. 314. Continuing in office.''.

Summary: Insurance Information Act of 2008 - Directs the Secretary of the Treasury to advise the President and Congress on domestic and international policy issues regarding all lines of insurance except health insurance. Establishes within the Department of the Treasury the Office of Insurance Information, headed by a Deputy Assistant Secretary, to: (1) collect, analyze, and disseminate information and issue reports regarding all lines of insurance except health insurance. (2) establish federal policy on international insurance matters and ensure that state insurance laws are consistent with agreements between the United States and a foreign government or regulatory entity. And (3) advise the Secretary on major domestic and international insurance policy issues. Extends the authority of the Office to all lines of insurance except health insurance. Preempts inconsistent state law. Requires the head of the Office to report to specified congressional committees on the financial state and meaningful trends of the insurance industry. Establishes the Advisory Group to the Office of Insurance Information.