69–006 

114TH CONGRESS REPORT " ! HOUSE OF REPRESENTATIVES 2d Session 114–831 

TRANSPARENT INSURANCE STANDARDS ACT OF 2016 

NOVEMBER 22, 2016.—Committed to the Committee of the Whole House on the 

State of the Union and ordered to be printed 

Mr. HENSARLING, from the Committee on Financial Services, 

submitted the following 

R E P O R T 

together with 

MINORITY VIEWS 

[To accompany H.R. 5143] 

[Including cost estimate of the Congressional Budget Office] 

The Committee on Financial Services, to whom was referred the 

bill (H.R. 5143) to provide greater transparency and congressional 

oversight of international insurance standards setting processes, 

and for other purposes, having considered the same, report favorably thereon with an amendment and recommend that the bill as 

amended do pass. 

The amendment is as follows: 

Strike all after the enacting clause and insert the following: 

SECTION 1. SHORT TITLE. 

This Act may be cited as the ‘‘Transparent Insurance Standards 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 and has fostered an 

open and competitive marketplace with a diversity of insurance products to the 

benefit of policyholders and consumers. 

(2) Protecting policyholders by regulating to ensure an insurer’s ability to pay 

claims has been the hallmark of the successful United States system and should 

be the paramount objective of domestic prudential regulation and emerging 

international standards. 

(3) United States officials participating in discussions or negotiations regarding international insurance standards shall support standards designed for the 

protection of policyholders. 

(4) The Secretary of the Treasury shall seek advice and recommendations 

from a diverse group of outside experts in performing the duties and authorities 


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of the Secretary to coordinate Federal efforts and develop Federal policy on prudential aspects of international insurance matters. 

(5) The draft of the Higher Loss Absorbency capital standard adopted in 2015 

by the International Association of Insurance Supervisors, notwithstanding the 

concerns of U.S. parties to the International Association of Insurance Supervisors, unequally affects insurance products offered in the United States, an 

issue that must be addressed. 

(6) Any international standard agreed to at the International Association of 

Insurance Supervisors is not self-executing in the United States for any insurer 

until implemented through the required Federal or State legislative or regulatory process. 

SEC. 3. OBJECTIVES FOR INTERNATIONAL INSURANCE STANDARDS. 

The objectives of the United States regarding international insurance standards 

are as follows: 

(1) To ensure standards that maintain strong protection of policy holders, as 

reflected in the United States solvency regime. 

(2) To ensure, pursuant to enactment of the Insurance Capital Standards 

Clarification Act of 2014 (Public Law 113–279), standards that are appropriate 

for insurers and are not bank-centric in nature. 

(3) To promote a principles-based approach to insurance supervision, in which 

capital adequacy is assessed using risk-based capital requirements for insurance 

combined with qualitative risk assessment and management tools. 

(4) To consider the most efficient and least disruptive approaches to enhancing regulatory assessment of the capital adequacy of insurance groups, including tools that are already in place. 

(5) To ensure that any international insurance standard recognizes prudential 

measures used within the United States as satisfying standards finalized by 

international standard-setting organizations. 

(6) To support increasing transparency at any global insurance or international standard-setting organization in which the United States participates, 

including advocating for greater stakeholder public observer access to working 

groups and committee meetings of the International Association of Insurance 

Supervisors. 

(7) To ensure that there is a sufficient period for public consultation and comment regarding any proposed international insurance standard before it takes 

effect. 

(8) To ensure that the Secretary of the Treasury and the Board of Governors 

of the Federal Reserve System achieve consensus positions with State insurance 

commissioners when the Secretary and the Board are United States participants in discussions on insurance issues before the International Association of 

Insurance Supervisors, Financial Stability Board, or any other international 

forum of financial regulators or supervisors that considers such issues. 

(9) To consider the impact of any such standard on the availability and cost 

of products to consumers. 

(10) To avoid measures that could limit the availability and accessibility of 

risk protection and retirement security products that are essential to meeting 

the needs of aging populations. 

(11) To ensure that the merits of existing State-based capital standards are 

recognized and incorporated in any domestic or global insurance capital standard. 

(12) To advocate for insurance regulatory standards that are based on the nature, scale, and complexity of the risks posed by the regulated insurance group 

and entity or activity. 

SEC. 4. REQUIREMENTS FOR CONSENT TO ADOPT INTERNATIONAL INSURANCE STANDARDS. 

(a) PUBLICATION OF STANDARDS; ADOPTION OF CAPITAL AND PRUDENTIAL STANDARDS.—The United States may not agree to, accept, establish, enter into, or consent 

to the adoption of a final international insurance standard with an international 

standard-setting organization or a foreign government, authority, or regulatory entity unless the requirements under both of the following paragraphs are complied 

with: 

(1) PUBLICATION.—The requirements under this paragraph are complied with 

if the conditions under one of the following subparagraphs have been met: 

(A) BY FEDERAL RESERVE AND TREASURY.—The Chairman of the Board of 

Governors of the Federal Reserve System and the Secretary of the Treasury 

have caused the proposed text of the proposed final international insurance 

standard to be published in the Federal Register and made available for 

public comment for a period of not fewer than 30 days (which period may 

run concurrently with the 90-day period referred to in subsection (b)(3)). 


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(B) BY STATE INSURANCE COMMISSIONERS.—The State insurance commissioners have caused the proposed text of the proposed international insurance standard to be published in a similar form and manner that provides 

for notice and public comment. 

(2) CAPITAL STANDARD.—In the case only of a final international insurance 

standard setting forth any capital standard or standards for insurers— 

(A) such international capital standard is consistent with capital requirements set forth in the State-based system of insurance regulation; 

(B) the Board has issued capital requirements for insurance companies 

supervised by the Board and subject to such requirements, which shall be 

issued through rulemaking in accordance with the procedures established 

under section 553 of title 5, United States Code, regarding substantive 

rules, under which the periods for notice and public comment shall each 

have a duration of not fewer than 60 days; and 

(C) to the extent that such international capital standard is intended to 

be applied to a company or companies supervised by the Board of Governors 

of the Federal Reserve System, is consistent with the capital requirements 

of the Board for such companies. 

(b) SUBMISSION AND LAYOVER PROVISIONS.—The Secretary and the Board may not 

agree to, accept, establish, enter into, or consent to the adoption of an international 

insurance standard established through an international standard-setting organization or a foreign government, authority, or regulatory entity unless— 

(1) the Secretary and the Board have— 

(A) conducted an analysis under subsection (c) of the proposed international insurance standard; and 

(B) submitted to the covered congressional committees, on a day on which 

both Houses of Congress are in session, a copy of the proposed final text 

of the proposed international insurance standard and the report required 

under subsection (c)(2) regarding such analysis; 

(2) the Secretary and the Chairman of the Board have determined, pursuant 

to such analysis, that the proposed standard will not result in any change in 

State law; 

(3) with respect to a capital standard under subsection (a)(2), the Secretary 

and the Chairman of the Board certify that the proposed international capital 

standard is designed solely to help ensure that sufficient funds are available to 

pay claims to an insurer’s policyholders in the event of the liquidation of that 

entity; and 

(4) a period of 90 calendar days beginning on the date on which the copy of 

the proposed final text of the standard is submitted to the covered congressional 

committees under paragraph (1)(B) has expired, during which period the Congress may take action to approve or reject such final standard. 

(c) JOINT ANALYSIS BY CHAIR OF THE FEDERAL RESERVE AND SECRETARY OF THE

TREASURY.— 

(1) IN GENERAL.—An analysis under this subsection of a proposed final international insurance standard shall be an analysis conducted by the Secretary 

and the Chairman of the Board of Governors of the Federal Reserve System, 

in consultation with the State insurance commissioners, of the impact of such 

standard on consumers and markets in the United States and whether any 

changes in State law will result from such final standard. 

(2) REPORT.—Upon completion of an analysis under this subsection of a final 

international insurance standard, the Secretary and the Board shall submit a 

report on the results of the analysis to the covered congressional committees 

and the Comptroller General of the United States. The report shall include a 

statement setting forth the determination made pursuant to paragraph (1) regarding any changes in State law resulting from such final standard. 

(3) NOTICE AND COMMENT.— 

(A) NOTICE.—The Secretary and the Chairman of the Board of Governors 

of the Federal Reserve System shall provide notice before the date on which 

drafting the report is commenced and after the date on which the draft of 

the report is completed. 

(B) OPPORTUNITY FOR COMMENT.—There shall be an opportunity for public comment for a period beginning on the date on which the report is submitted under paragraph (2) and ending on the date that is not fewer than 

60 days after the date on which the report is submitted. Nothing in this 

subparagraph shall affect the authority of the Board to issue the rule referred to in subsection (a)(2). 

(4) REVIEW BY COMPTROLLER GENERAL.—Upon submission of a report pursuant to paragraph (2) to the Comptroller General, the Comptroller General shall 


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review the report and shall submit a report to the Congress setting forth the 

conclusions of the Comptroller General’s review. 

(d) LIMITED EFFECT.—This section may not be construed to establish or expand 

any authority to implement an international insurance standard in the United 

States or for the United States or any representative of the Federal Government to 

adopt or enter into any international insurance standard. 

(e) TREATMENT OF STATE LAW.—In accordance with the Act of March 9, 1945 

(Chapter 20; 59 Stat. 33; 15 U.S.C. 1011 et seq.), commonly referred to as the 

‘‘McCarran-Ferguson Act’’, this section may not be construed to preempt State law. 

SEC. 5. REPORTS. 

(a) REPORTS AND TESTIMONY BY SECRETARY OF THE TREASURY AND CHAIR OF THE

FEDERAL RESERVE.—The Secretary and the Chairman of the Board of Governors of 

the Federal Reserve System shall submit to the covered congressional committees 

an annual report and provide testimony, not less often than every 6 months, to the 

covered congressional committees on the efforts of the Secretary and the Chairman 

with the State insurance commissioners with respect to international insurance 

standard-setting organizations and international insurance standards, including— 

(1) a description of the insurance standard-setting issues under discussion at 

international standard-setting bodies, including the Financial Stability Board 

and the International Association of Insurance Supervisors; 

(2) a description of the effects that international insurance standards could 

have on consumers and insurance markets in the United States; 

(3) a description of any position taken by the Secretary and the Board in 

international insurance discussions or on any international insurance standard; 

(4) a description of the efforts by the Secretary and the Board to increase 

transparency and accountability at the Financial Stability Board with respect 

to insurance proposals and the International Association of Insurance Supervisors, including efforts to provide additional public access to working groups 

and committees of the International Association of Insurance Supervisors; and 

(5) a description of how the Secretary and the Board are meeting the objectives set forth in section 3, or, if such objectives are not being met, an explanation of the reasons for not meeting such objectives. 

(b) REPORTS AND TESTIMONY BY STATE INSURANCE COMMISSIONERS.—The State insurance commissioners may provide testimony or reports to the Congress on the 

issues described in subsection (a). 

(c) REPORT ON TRANSPARENCY.—Not later than 180 days after the date of enactment of this Act, the Chairman of the Board of Governors of the Federal Reserve 

System and the Secretary shall submit to the Congress a report and provide testimony to the Congress on the efforts of the Chairman and the Secretary pursuant 

to subsection (a)(4) of this section to increase transparency at meetings of the International Association of Insurance Supervisors. 

(d) GAO REPORT ON TRANSPARENCY OF OUTSIDE ORGANIZATIONS.— 

(1) IN GENERAL.—Not later than one year after the date of enactment of this 

Act, the Comptroller General of the United States shall submit to the covered 

congressional committees a report, and provide testimony to such committees, 

identifying and analyzing the transparency and accountability of any organization acting as a designee of, or at the direction of, the head of a State insurance 

department on issues related to international insurance standards, which is not 

employed directly by the State. 

(2) CONTENT.—The report and testimony required under this section shall include a description and analysis of— 

(A) the role, involvement, or relationship, of any organization identified 

pursuant to paragraph (1), of, with, or to the State insurance departments’ 

activities as authorized by, directed by, or otherwise referred to in this Act, 

including a description and analysis regarding such organization’s participation in policy and decision-making deliberations and activities related to 

international insurance standards; 

(B) any financial support provided by such organization to any State insurance department personnel in furtherance of their activities related to 

international insurance standards, the nature and amount of such support, 

and any understandings between the organization and the State regarding 

travel protocols and State laws governing State officials’ receipt of, benefitting from, or being subsidized by, outside funds; 

(C) the budget, including revenues and expenses, of any organization 

identified pursuant to paragraph (1) relating to participation in international insurance discussions on issues before, involving, or relating to the 

International Association of Insurance Supervisors, the Financial Stability 

Board, or any other international forum of financial regulators or superVerDate Sep 11 2014 04:51 Nov 26, 2016 Jkt 069006 PO 00000 Frm 00004 Fmt 6659 Sfmt 6621 E:\HR\OC\HR831.XXX HR831

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visors that considers such issues, and how the organization collects money 

to fund such activities; 

(D) whether each such budget of such an organization is developed under 

a process comparable in its transparency and accountability to the process 

under which budgets are developed and appropriated for State departments 

of insurance and Federal executive branch regulatory agencies, including— 

(i) an identification of any bodies independent of the organization 

that set standards for and/or oversee that organization’s budgeting 

process; and 

(ii) a description of the extent to which and how the organization, in 

funding its operations, uses or benefits from its members’ ability to 

compel entities subject to its members’ regulatory authority to use the 

services of the organization or any of its affiliates; and 

(E) the extent to which the work product of any organization identified 

pursuant to paragraph (1)has the effect of establishing any self-executing 

national standards, and in what way, and whether such standards are developed under processes comparable in their transparency and accountability to the process under which national standards are developed by the 

Congress or Federal executive branch agencies. 

SEC. 6. DEFINITIONS. 

In this Act: 

(1) BOARD.—The term ‘‘Board’’ means the Board of Governors of the Federal 

Reserve System, or the designee of the Board. 

(2) COVERED CONGRESSIONAL COMMITTEES.—The term ‘‘covered congressional 

committees’’ means the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing and Urban Affairs of the 

Senate. 

(3) INTERNATIONAL INSURANCE STANDARD.—The term ‘‘international insurance 

standard’’ means any international insurance supervisory standard developed 

by an international standards setting organization, or regulatory or supervisory 

forum, in which the United States participates, including the Common Framework for the Supervision of Internationally Active Insurance Groups, the Financial Stability Board, and the International Association of Insurance Supervisors. 

(4) SECRETARY.—The term ‘‘Secretary’’ means the Secretary of the Treasury, 

or the Secretary’s designee. 

(5) STATE INSURANCE COMMISSIONERS.—The term ‘‘State insurance commissioners’’ means the heads of the State insurance departments or their designees 

acting at their direction. 

SEC. 7. TREATMENT OF COVERED AGREEMENTS. 

Section 314 of title 31, United States Code is amended— 

(1) in subsection (c)— 

(A) by redesignating paragraphs (1) and (2) as paragraphs (2) and (3), respectively; and 

(B) by inserting before paragraph (2), as so redesignated, the following 

new paragraph: 

‘‘(1) the Secretary of the Treasury and the United States Trade Representative have caused to be published in the Federal Register, and made available 

for public comment for a period of not fewer than 30 days (which period may 

run concurrently with the 90-day period for the covered agreement referred to 

in paragraph (3)), the proposed text of the covered agreement;’’; and 

(2) by adding at the end the following new subsections: 

‘‘(d) CONSULTATION WITH STATE INSURANCE COMMISSIONERS.—In any negotiations 

regarding a contemplated covered agreement, the Secretary and the United States 

Trade Representative shall consult with and directly include State insurance commissioners. 

‘‘(e) PROHIBITION ON REGULATORY AUTHORITY.—In accordance with subsections (k) 

and (l) of section 313, a covered agreement shall not be used to establish or provide 

the Federal Insurance Office or the Treasury with any general supervisory or regulatory authority over the business of insurance or with the authority to participate 

in a supervisory college or similar process. 

‘‘(f) TREATMENT UNDER OTHER LAW.—A covered agreement shall not be considered 

an international insurance standard for purposes of the Transparent Insurance 

Standards Act of 2016 and shall not be subject to such Act.’’. 

SEC. 8. DUTIES OF INDEPENDENT MEMBER OF FINANCIAL STABILITY OVERSIGHT COUNCIL. 

Subsection (a) of section 112 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 5322(a)) is amended by adding at the end the following new paragraph: 


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‘‘(3) DUTIES OF INDEPENDENT MEMBER.—To assist the Council with its responsibilities to monitor international insurance developments, advise Congress, and 

make recommendations, the Independent Member of the Council shall have the 

authority to— 

‘‘(A) regularly consult with international insurance supervisors and international financial stability counterparts; 

‘‘(B) consult with, advise, and assist the Secretary of the Treasury with 

respect to representing the Federal Government of the United States, as appropriate, in the International Association of Insurance Supervisors (including to become a non-voting member thereof), particularly on matters of systemic risk, and to consult with the Board of Governors of the Federal Reserve System and the States concerning such matters; 

‘‘(C) attend the Financial Stability Board of The Group of Twenty and join 

with other members from the United States, including on matters related 

to insurance and financial stability, and provide for the attendance and participation at such Board, on matters related to insurance and financial stability, of State insurance commissioners; and 

‘‘(D) attend, with the United States delegation, the Organization for Economic Cooperation and Development and observe and participate at the Insurance and Private Pensions Committee of such Organization on matters 

related to insurance and financial stability.’’. 

SEC. 9. STATE INSURANCE REGULATOR INVOLVEMENT IN INTERNATIONAL STANDARD SETTING. 

Parties representing the United States at the Financial Stability Board of the 

Group of Twenty on matters, and in meetings, related to insurance and financial 

stability shall consult with, and seek to include in such meetings, the State insurance commissioners. 

SEC. 10. RULE OF CONSTRUCTION. 

Nothing in this Act or the amendments made by this Act may be construed to 

support or endorse the domestic capital standard for insurers referred to in section 

4(a)(2) or any such domestic capital standards established by the Board. 

PURPOSE AND SUMMARY

H.R. 5143, the ‘‘Transparent Insurance Standards Act of 2016,’’ 

enhances Congress’s oversight of international deliberations relating to insurance standards. More specifically, the legislation establishes a series of requirements to be met before the Treasury Department or the Federal Reserve (Fed) may agree to, accept, establish, enter into or consent to the adoption of a final international 

insurance standard. 

First, the Treasury and the Fed must publish in the Federal Register, any proposed final standard and allow for public comment. In 

so doing, the agencies must provide a joint analysis on the impact 

of the standard on consumers and U.S. insurance markets. Before 

agreeing to any international standard relating to capital, the Fed 

is required to first promulgate its domestic capital standard rule. 

H.R. 5143 imposes similar requirements for negotiations concerning covered agreements. The legislation sets negotiating objectives for U.S. parties and also mandates that the Secretary of the 

Treasury and the Chairman of the Board of Governors of the Fed 

report and testify to Congress twice annually. Finally, H.R. 5143 

helps to ensure that the Financial Stability Oversight Council’s 

(FSOC) Independent Member with Insurance Expertise is permitted to assist the FSOC in international discussions and attend 

meetings of international bodies where insurance standards are 

discussed. 

BACKGROUND AND NEED FOR LEGISLATION

For nearly 150 years, U.S. insurance companies of every kind— 

including property-casualty, life, reinsurance, health, and auto— 


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have been regulated primarily by the states. Congress and the 

states have occasionally reviewed the effectiveness of the statebased regulation of insurance and coordinated efforts to achieve 

greater regulatory uniformity. In 1945, Congress passed the 

McCarran-Ferguson Act (15 U.S.C. §§ 1011 et seq.), which confirmed the states’ regulatory authority over insurance except where 

a federal law expressly provides otherwise. 

The Dodd-Frank Wall Street Reform and Consumer Protection 

Act (Pub. L. No. 111–203) enlarged the federal government’s role 

in the insurance industry by creating a federal office specifically 

tasked with insurance matters. The Dodd-Frank Act established a 

Federal Insurance Office (FIO) at Treasury and charged the director of the FIO with representing the interests of U.S. insurers during the negotiation of international agreements and advising the 

Office of the U.S. Trade Representative (USTR) during trade negotiations. 

The Dodd-Frank Act brought insurers, insurance holding companies, and insurance subsidiaries within the purview of the newly 

created FSOC, a 15-member inter-agency group charged with identifying risks to the financial stability of the United States. The 

Dodd-Frank Act requires that three of the FSOC’s members represent the perspective of the insurance industry. The Dodd-Frank 

Act also grants the Fed regulatory authority over non-bank institutions designated by the FSOC as systemically important and transferred to the Fed supervisory responsibility for savings and loan 

holding companies, a group that includes numerous U.S.-domiciled 

insurers. It is this authority that provides for the imposition of a 

capital standard on domestic insurance companies, currently being 

discussed at the Fed. Even though the Dodd-Frank Act expanded 

the federal government’s oversight of the insurance industry, it 

also preserved the states’ general authority to regulate insurance 

and to resolve failed insurance firms. 

H.R. 5143 addresses concerns that international negotiations 

should be consistent with the intent of Congress on international 

issues to follow a more insurance centric approach for insurance 

issues, including collaborating with the state insurance regulators 

and seeking greater equivalent recognition of the U.S. insurance 

regulatory system internationally. Hence, H.R. 5143 would create 

a more formalized role for Congressional monitoring of international standards and agreements. The legislation would establish 

a series of requirements to be met before FIO, the Fed, or any 

other party to these international conversations could consent to 

the adoption of a final insurance standard. Moreover, similar 

standards would be set for negotiations on covered agreements, including the covered agreement currently being negotiated with the 

European Union. 

H.R. 5143 also outlines a more robust role for the FSOC Independent Member with Insurance Expertise, strengthening U.S. negotiators and its ability to advocate for the policies that suit U.S. 

insurance markets and consumers. 

H.R. 5143 will provide for greater transparency, allow for a 

stronger U.S. negotiation team, and indicate to foreign bodies that 

the United States will lead and not be led. 


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HEARINGS

The Committee on Financial Services’ Subcommittee on Housing 

& Insurance held a hearing examining matters relating to H.R. 

5143 on February 25, 2016. 

COMMITTEE CONSIDERATION

The Committee on Financial Services met in open session on 

June 15 and 16, 2016 to consider the bill. An amendment in the 

nature of a substitute offered by Mr. Luetkemeyer was agreed to 

by voice vote. An amendment to the amendment in the nature of 

a substitute, offered by Mr. Royce, was agreed to by voice vote. An 

amendment to the amendment in the nature of a substitute, offered 

by Mr. Heck, was withdrawn. The Committee ordered H.R. 5143 to 

be reported favorably to the House as amended by a recorded vote 

of 34 yeas to 25 nays (recorded vote no. FC–115), a quorum being 

present. 

COMMITTEE VOTES

Clause 3(b) of rule XIII of the Rules of the House of Representatives requires the Committee to list the record votes on the motion 

to report legislation and amendments thereto. The sole recorded 

vote was on a motion by Chairman Hensarling to report the bill favorably to the House as amended. The motion was agreed to by a 

recorded vote of 34 yeas to 25 nays (Record vote no. FC–115), a 

quorum being present. 


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COMMITTEE OVERSIGHT FINDINGS

Pursuant to clause 3(c)(1) of rule XIII of the Rules of the House 

of Representatives, the findings and recommendations of the Committee based on oversight activities under clause 2(b)(1) of rule X 

of the Rules of the House of Representatives, are incorporated in 

the descriptive portions of this report. 

PERFORMANCE GOALS AND OBJECTIVES

Pursuant to clause 3(c)(4) of rule XIII of the Rules of the House 

of Representatives, the Committee states that H.R. 5143 will provide for Congressional oversight of international negotiations concerning insurance matters by creating a more formalized role for 

such oversight. 

NEW BUDGET AUTHORITY, ENTITLEMENT AUTHORITY, AND TAX

EXPENDITURES

In compliance with clause 3(c)(2) of rule XIII of the Rules of the 

House of Representatives, the Committee adopts as its own the estimate of new budget authority, entitlement authority, or tax expenditures or revenues contained in the cost estimate prepared by 

the Director of the Congressional Budget Office pursuant to section 

402 of the Congressional Budget Act of 1974. 

COMMITTEE COST ESTIMATE

The Committee adopts as its own the cost estimate prepared by 

the Director of the Congressional Budget Office pursuant to section 

402 of the Congressional Budget Act of 1974. 

CONGRESSIONAL BUDGET OFFICE ESTIMATES

Pursuant to clause 3(c)(3) of rule XIII of the Rules of the House 

of Representatives, the following is the cost estimate provided by 

the Congressional Budget Office pursuant to section 402 of the 

Congressional Budget Act of 1974: 

U.S. CONGRESS, 

CONGRESSIONAL BUDGET OFFICE, 

Washington, DC, August 31, 2016. 

Hon. JEB HENSARLING, 

Chairman, Committee on Financial Services, 

House of Representatives, Washington, DC. 

DEAR MR. CHAIRMAN: The Congressional Budget Office has prepared the enclosed cost estimate for H.R. 5143, the Transparent Insurance Standards Act of 2016. 

If you wish further details on this estimate, we will be pleased 

to provide them. The CBO staff contact is Matthew Pickford. 

Sincerely, 

KEITH HALL. 

Enclosure. 

H.R. 5143—Transparent Insurance Standards Act of 2016 

H.R. 5143 would require the Department of the Treasury and the 

Federal Reserve to provide additional reports and testimony to the 


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Congress on international negotiations regarding regulatory standards in the insurance industry. Before agreeing to or adopting such 

standards, the bill would require that the Treasury and the Federal Reserve publish any proposed final standard, allow for public 

comment, and report to the Congress on the impact of those standards on U.S. consumers, markets, and state laws. The bill also 

would require the Federal Reserve to promulgate a rule on domestic capital standards before agreeing to any international standard 

related to capital standards for insurance firms. Finally, H.R. 5143 

would require the Government Accountability Office (GAO) to review those reports on insurance regulations. 

Based on information provided by the Federal Reserve, CBO estimates that enacting H.R. 5143 would increase costs to the Federal 

Reserve System for conducting the required analysis and for preparing reports and testimony. Those increased costs would reduce 

revenues paid to the Treasury by the Federal Reserve by $7 million 

over the 2017–2026 period; therefore pay-as-you-go procedures 

apply. Those changes are shown in the following table. Enacting 

the bill would not affect direct spending. 

CBO ESTIMATE OF PAY-AS-YOU-GO EFFECTS FOR H.R. 5143 AS ORDERED REPORTED BY THE 

HOUSE COMMITTEE ON FINANCIAL SERVICES ON JUNE 16, 2016 

By fiscal year, in millions of dollars— 

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2016– 

2021 

2016– 

2026 

NET INCREASE IN THE DEFICIT 

Statutory Pay-As-YouGo Impact ............. 0 0 1 1 1 1 1 1 1 1 1 3 7 

In addition, based on information from the Treasury and the cost 

of similar activities, CBO estimates that implementing H.R. 5143 

would cost $1 million in 2017 and less than $500,000 in subsequent 

years for the GAO report and the reporting requirements related 

to international standards. Such spending would be subject to the 

availability of appropriated amounts. 

CBO estimates that enacting H.R. 5143 would not increase net 

direct spending or on-budget deficits by more than $5 billion in any 

of the four consecutive 10-year periods beginning in 2027. 

H.R. 5143 contains no intergovernmental or private-sector mandates as defined in the Unfunded Mandates Reform Act and would 

not affect the budgets of state, local, or tribal governments. 

The CBO staff contacts for this estimate are Matthew Pickford 

(for federal costs) and Nathaniel Frentz (for revenues). The estimate was approved by H. Samuel Papenfuss, Deputy Assistant Director for Budget Analysis. 

FEDERAL MANDATES STATEMENT

The Committee adopts as its own the estimate of Federal mandates prepared by the Director of the Congressional Budget Office 

pursuant to section 423 of the Unfunded Mandates Reform Act. 

ADVISORY COMMITTEE STATEMENT

No advisory committees within the meaning of section 5(b) of the 

Federal Advisory Committee Act were created by this legislation. 


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APPLICABILITY TO LEGISLATIVE BRANCH

The Committee finds that the legislation does not relate to the 

terms and conditions of employment or access to public services or 

accommodations within the meaning of section 102(b)(3) of the Congressional Accountability Act. 

EARMARK IDENTIFICATION

H.R. 5143 does not contain any congressional earmarks, limited 

tax benefits, or limited tariff benefits as defined in clause 9 of rule 

XXI. 

DUPLICATION OF FEDERAL PROGRAMS

Pursuant to section 3(g) of H. Res. 5, 114th Cong. (2015), the 

Committee states that no provision of H.R. 5143 establishes or reauthorizes a program of the Federal Government known to be duplicative of another Federal program, a program that was included 

in any report from the Government Accountability Office to Congress pursuant to section 21 of Public Law 111–139, or a program 

related to a program identified in the most recent Catalog of Federal Domestic Assistance. 

DISCLOSURE OF DIRECTED RULEMAKING

Pursuant to section 3(i) of H. Res. 5, 114th Cong. (2015), the 

Committee states that H.R. 5143 contains no directed rulemaking. 

SECTION-BY-SECTION ANALYSIS OF THE LEGISLATION

Section 1. Short title 

This section cites H.R. 5143 as the ‘‘Transparent Insurance 

Standards Act of 2016’’. 

Section 2. Congressional findings 

This section sets forth Congressional findings concerning insurance regulatory matters. 

Section 3. Objectives for international insurance standards 

This section establishes 12 objectives of the United States regarding international insurance standards. 

Section 4. Requirements for consent to adopt international insurance standards 

This section prohibits the United States from agreeing to a final 

international insurance standard with an international standardsetting organization or foreign government or authority absent a 

public notice-and-comment period. Further, the United States may 

not agree to an international insurance standard adopting a capital 

standard unless (1) such standard is consistent with State-based 

capital requirements and (2) the Fed has issued capital requirements for insurance companies it supervises and the international 

standard is consistent with such Fed-issued requirements. Additionally, this section requires submission to Congress of a copy of 

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ance regulation; certification that such standard will not result in 

any change in State law; and, with respect to an international 

standard proposing a capital standard, certification that the proposal is designed solely to help ensure that sufficient funds are 

available to pay claims to an insurer’s policyholders in the event 

of the liquidation of that entity. Finally, this section provides that 

the above-described report must be subject to public notice and 

comment as well as review by the Comptroller General, and that 

the United States may not agree to an international insurance 

standard within 90 days of submitting the proposed text of the 

standard to Congress. 

Section 5. Reports 

This section requires the Treasury Secretary and the Fed Chairman to submit an annual report and testify at least every six 

months concerning efforts with state insurance commissioners with 

respect to international insurance standard-setting organizations 

and international insurance standards. This section also requires a 

report and congressional testimony on efforts by the Fed Chairman 

and Treasury Secretary to increase transparency at meetings of the 

International Association of Insurance Supervisors. Finally, this 

section requires that the Comptroller General report and testify 

concerning the transparency and accountability of outside organizations acting on behalf of the heads of State insurance departments 

on issues related to international insurance standards. 

Section 6. Definitions 

This section defines the terms ‘‘Board,’’ ‘‘Covered Congressional 

Committees,’’ ‘‘International Insurance Standard,’’ ‘‘Secretary,’’ and 

‘‘State Insurance Commissioners.’’ 

Section 7. Treatment of covered agreements 

This section establishes public notice and comment requirements 

for covered agreements; requires that the Treasury Secretary and 

USTR consult with and directly include State insurance commissioners in negotiations regarding a contemplated covered agreement; prohibits such an agreement from being used to establish or 

provide FIO or Treasury with general supervisory or regulatory authority over the business of insurance or with the authority to participate in a supervisory college or similar process; and provides 

that a covered agreement shall not be considered an international 

insurance standard for purposes of the Transparent Insurance 

Standards Act of 2016. 

Section 8. Duties of independent member of Financial Stability 

Oversight Council 

This section provides the Independent Member with authority to, 

among other things, consult with international insurance supervisors and international financial stability counterparts; assist in 

the representation of the United States in the International Association of Insurance Supervisors; and attend and participate in insurance and financial stability matters before the Financial Stability Board of The Group of Twenty and the Organization for Economic Cooperation and Development. 


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Section 9. State insurance regulator involvement in international 

standard setting 

This section requires that parties representing the United States 

in international for a relating to insurance and financial stability 

consult with and seek to include in such meetings the State insurance commissioners. 

Section 10. Rule of construction 

This section provides that nothing in this Act or its amendments 

supports or endorses the domestic capital standard for insurers referred to in section 4(a)(2) or any such domestic capital standards 

established by the Board. 

CHANGES IN EXISTING LAW MADE BY THE BILL, AS REPORTED

In compliance with clause 3(e) of rule XIII of the Rules of the 

House of Representatives, changes in existing law made by the bill, 

as reported, are shown as follows (existing law proposed to be omitted is enclosed in black brackets, new matter is printed in italic, 

and existing law in which no change is proposed is shown in 

roman): 

TITLE 31, UNITED STATES CODE 

* * * * * * * 

SUBTITLE I—GENERAL 

* * * * * * * 

CHAPTER 3—DEPARTMENT OF THE TREASURY 

* * * * * * * 

SUBCHAPTER I—ORGANIZATION 

* * * * * * * 

§ 314. Covered agreements 

(a) AUTHORITY.—The Secretary and the United States Trade Representative are authorized, jointly, to negotiate and enter into covered agreements on behalf of the United States. 

(b) REQUIREMENTS FOR CONSULTATION WITH CONGRESS.— (1) IN GENERAL.—Before initiating negotiations to enter into 

a covered agreement under subsection (a), during such negotiations, and before entering into any such agreement, the Secretary and the United States Trade Representative shall jointly consult with the Committee on Financial Services and the 

Committee on Ways and Means of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs and the Committee on Finance of the Senate. 

(2) SCOPE.—The consultation described in paragraph (1) 

shall include consultation with respect to— 

(A) the nature of the agreement; 

(B) how and to what extent the agreement will achieve 

the applicable purposes, policies, priorities, and objectives 

of section 313 and this section; and 


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15 

(C) the implementation of the agreement, including the 

general effect of the agreement on existing State laws. 

(c) SUBMISSION AND LAYOVER PROVISIONS.—A covered agreement 

under subsection (a) may enter into force with respect to the 

United States only if— 

(1) the Secretary of the Treasury and the United States Trade 

Representative have caused to be published in the Federal Register, and made available for public comment for a period of not 

fewer than 30 days (which period may run concurrently with 

the 90-day period for the covered agreement referred to in paragraph (3)), the proposed text of the covered agreement; 

ø(1)¿ (2) the Secretary and the United States Trade Representative jointly submit to the congressional committees 

specified in subsection (b)(1), on a day on which both Houses 

of Congress are in session, a copy of the final legal text of the 

agreement; and 

ø(2)¿ (3) a period of 90 calendar days beginning on the date 

on which the copy of the final legal text of the agreement is 

submitted to the congressional committees under paragraph (1) 

has expired. 

(d) CONSULTATION WITH STATE INSURANCE COMMISSIONERS.—In 

any negotiations regarding a contemplated covered agreement, the 

Secretary and the United States Trade Representative shall consult 

with and directly include State insurance commissioners. 

(e) PROHIBITION ON REGULATORY AUTHORITY.—In accordance 

with subsections (k) and (l) of section 313, a covered agreement 

shall not be used to establish or provide the Federal Insurance Office or the Treasury with any general supervisory or regulatory authority over the business of insurance or with the authority to participate in a supervisory college or similar process. 

(f) TREATMENT UNDER OTHER LAW.—A covered agreement shall 

not be considered an international insurance standard for purposes 

of the Transparent Insurance Standards Act of 2016 and shall not 

be subject to such Act. 

* * * * * * * 

DODD-FRANK WALL STREET REFORM AND CONSUMER 

PROTECTION ACT 

* * * * * * * 

TITLE I—FINANCIAL STABILITY 

* * * * * * * 

Subtitle A—Financial Stability Oversight 

Council 

* * * * * * * 

SEC. 112. COUNCIL AUTHORITY. 

(a) PURPOSES AND DUTIES OF THE COUNCIL.— 

(1) IN GENERAL.—The purposes of the Council are— 


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(A) to identify risks to the financial stability of the 

United States that could arise from the material financial 

distress or failure, or ongoing activities, of large, interconnected bank holding companies or nonbank financial 

companies, or that could arise outside the financial services marketplace; 

(B) to promote market discipline, by eliminating expectations on the part of shareholders, creditors, and counterparties of such companies that the Government will shield 

them from losses in the event of failure; and 

(C) to respond to emerging threats to the stability of the 

United States financial system. 

(2) DUTIES.—The Council shall, in accordance with this 

title— 

(A) collect information from member agencies, other Federal and State financial regulatory agencies, the Federal 

Insurance Office and, if necessary to assess risks to the 

United States financial system, direct the Office of Financial Research to collect information from bank holding 

companies and nonbank financial companies; 

(B) provide direction to, and request data and analyses 

from, the Office of Financial Research to support the work 

of the Council; 

(C) monitor the financial services marketplace in order 

to identify potential threats to the financial stability of the 

United States; 

(D) to monitor domestic and international financial regulatory proposals and developments, including insurance 

and accounting issues, and to advise Congress and make 

recommendations in such areas that will enhance the integrity, efficiency, competitiveness, and stability of the 

U.S. financial markets; 

(E) facilitate information sharing and coordination 

among the member agencies and other Federal and State 

agencies regarding domestic financial services policy development, rulemaking, examinations, reporting requirements, and enforcement actions; 

(F) recommend to the member agencies general supervisory priorities and principles reflecting the outcome of 

discussions among the member agencies; 

(G) identify gaps in regulation that could pose risks to 

the financial stability of the United States; 

(H) require supervision by the Board of Governors for 

nonbank financial companies that may pose risks to the financial stability of the United States in the event of their 

material financial distress or failure, or because of their 

activities pursuant to section 113; 

(I) make recommendations to the Board of Governors 

concerning the establishment of heightened prudential 

standards for risk-based capital, leverage, liquidity, contingent capital, resolution plans and credit exposure reports, 

concentration limits, enhanced public disclosures, and 

overall risk management for nonbank financial companies 

and large, interconnected bank holding companies supervised by the Board of Governors; 


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(J) identify systemically important financial market utilities and payment, clearing, and settlement activities (as 

that term is defined in title VIII); 

(K) make recommendations to primary financial regulatory agencies to apply new or heightened standards and 

safeguards for financial activities or practices that could 

create or increase risks of significant liquidity, credit, or 

other problems spreading among bank holding companies, 

nonbank financial companies, and United States financial 

markets; 

(L) review and, as appropriate, may submit comments to 

the Commission and any standard-setting body with respect to an existing or proposed accounting principle, 

standard, or procedure; 

(M) provide a forum for— 

(i) discussion and analysis of emerging market developments and financial regulatory issues; and 

(ii) resolution of jurisdictional disputes among the 

members of the Council; and 

(N) annually report to and testify before Congress on— 

(i) the activities of the Council; 

(ii) significant financial market and regulatory developments, including insurance and accounting regulations and standards, along with an assessment of 

those developments on the stability of the financial 

system; 

(iii) potential emerging threats to the financial stability of the United States; 

(iv) all determinations made under section 113 or 

title VIII, and the basis for such determinations; 

(v) all recommendations made under section 119 and 

the result of such recommendations; and 

(vi) recommendations— 

(I) to enhance the integrity, efficiency, competitiveness, and stability of United States financial 

markets; 

(II) to promote market discipline; and 

(III) to maintain investor confidence. 

(3) DUTIES OF INDEPENDENT MEMBER.—To assist the Council 

with its responsibilities to monitor international insurance developments, advise Congress, and make recommendations, the 

Independent Member of the Council shall have the authority 

to— 

(A) regularly consult with international insurance supervisors and international financial stability counterparts; 

(B) consult with, advise, and assist the Secretary of the 

Treasury with respect to representing the Federal Government of the United States, as appropriate, in the International Association of Insurance Supervisors (including to 

become a non-voting member thereof), particularly on matters of systemic risk, and to consult with the Board of Governors of the Federal Reserve System and the States concerning such matters; 

(C) attend the Financial Stability Board of The Group of 

Twenty and join with other members from the United 


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States, including on matters related to insurance and financial stability, and provide for the attendance and participation at such Board, on matters related to insurance 

and financial stability, of State insurance commissioners; 

and 

(D) attend, with the United States delegation, the Organization for Economic Cooperation and Development and 

observe and participate at the Insurance and Private Pensions Committee of such Organization on matters related to 

insurance and financial stability. 

(b) STATEMENTS BY VOTING MEMBERS OF THE COUNCIL.—At the 

time at which each report is submitted under subsection (a), each 

voting member of the Council shall— 

(1) if such member believes that the Council, the Government, and the private sector are taking all reasonable steps to 

ensure financial stability and to mitigate systemic risk that 

would negatively affect the economy, submit a signed statement to Congress stating such belief; or 

(2) if such member does not believe that all reasonable steps 

described under paragraph (1) are being taken, submit a 

signed statement to Congress stating what actions such member believes need to be taken in order to ensure that all reasonable steps described under paragraph (1) are taken. 

(c) TESTIMONY BY THE CHAIRPERSON.—The Chairperson shall appear before the Committee on Financial Services of the House of 

Representatives and the Committee on Banking, Housing, and 

Urban Affairs of the Senate at an annual hearing, after the report 

is submitted under subsection (a)— 

(1) to discuss the efforts, activities, objectives, and plans of 

the Council; and 

(2) to discuss and answer questions concerning such report. 

(d) AUTHORITY TO OBTAIN INFORMATION.— 

(1) IN GENERAL.—The Council may receive, and may request 

the submission of, any data or information from the Office of 

Financial Research, member agencies, and the Federal Insurance Office, as necessary— 

(A) to monitor the financial services marketplace to identify potential risks to the financial stability of the United 

States; or 

(B) to otherwise carry out any of the provisions of this 

title. 

(2) SUBMISSIONS BY THE OFFICE AND MEMBER AGENCIES.— 

Notwithstanding any other provision of law, the Office of Financial Research, any member agency, and the Federal Insurance Office, are authorized to submit information to the Council. 

(3) FINANCIAL DATA COLLECTION.— 

(A) IN GENERAL.—The Council, acting through the Office 

of Financial Research, may require the submission of periodic and other reports from any nonbank financial company or bank holding company for the purpose of assessing 

the extent to which a financial activity or financial market 

in which the nonbank financial company or bank holding 

company participates, or the nonbank financial company 


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or bank holding company itself, poses a threat to the financial stability of the United States. 

(B) MITIGATION OF REPORT BURDEN.—Before requiring 

the submission of reports from any nonbank financial company or bank holding company that is regulated by a 

member agency or any primary financial regulatory agency, the Council, acting through the Office of Financial Research, shall coordinate with such agencies and shall, 

whenever possible, rely on information available from the 

Office of Financial Research or such agencies. 

(C) MITIGATION IN CASE OF FOREIGN FINANCIAL COMPANIES.—Before requiring the submission of reports from a 

company that is a foreign nonbank financial company or 

foreign-based bank holding company, the Council shall, 

acting through the Office of Financial Research, to the extent appropriate, consult with the appropriate foreign regulator of such company and, whenever possible, rely on information already being collected by such foreign regulator, with English translation. 

(4) BACK-UP EXAMINATION BY THE BOARD OF GOVERNORS.—If 

the Council is unable to determine whether the financial activities of a U.S. nonbank financial company pose a threat to the 

financial stability of the United States, based on information 

or reports obtained under paragraphs (1) and (3), discussions 

with management, and publicly available information, the 

Council may request the Board of Governors, and the Board of 

Governors is authorized, to conduct an examination of the U.S. 

nonbank financial company for the sole purpose of determining 

whether the nonbank financial company should be supervised 

by the Board of Governors for purposes of this title. 

(5) CONFIDENTIALITY.— (A) IN GENERAL.—The Council, the Office of Financial 

Research, and the other member agencies shall maintain 

the confidentiality of any data, information, and reports 

submitted under this title. 

(B) RETENTION OF PRIVILEGE.—The submission of any 

nonpublicly available data or information under this subsection and subtitle B shall not constitute a waiver of, or 

otherwise affect, any privilege arising under Federal or 

State law (including the rules of any Federal or State 

court) to which the data or information is otherwise subject. 

(C) FREEDOM OF INFORMATION ACT.—Section 552 of title 

5, United States Code, including the exceptions thereunder, shall apply to any data or information submitted 

under this subsection and subtitle B. 

* * * * * * * 


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(20) 

MINORITY VIEWS 

H.R. 5143, the ‘‘Transparent Insurance Standards Act of 2016,’’ 

would prescribe strict negotiating objectives for United States representatives in international fora regarding international insurance 

standards, and would establish several new processes and reporting requirements to be completed before any standard could be 

agreed to. These requirements would add significant delays and 

limitations to the process for developing an international insurance 

capital standard, ultimately weakening the United States’ ability to 

negotiate effectively for standards that best accommodate our 

unique regulatory regime. 

Following the 2008 financial crisis, and specifically after the 

near-collapse of American International Group, Inc. (AIG), the Wall 

Street Reform and Consumer Protection Act (Dodd-Frank) established a new supervisory and regulatory framework to examine financial stability for insurance companies both domestically and 

internationally. Dodd-Frank created the Federal Insurance Office 

(FIO), which is directed in part to ‘‘coordinate federal efforts and 

develop federal policy on prudential aspects of international insurance matters, including representing the United States, as appropriate, in the International Association of Insurance Supervisors 

(IAIS) and assisting the Secretary in negotiating covered agreements.’’ Dodd-Frank also expanded the scope of the Federal Reserve’s supervisory authority and it now serves as the consolidated 

supervisor of insurance holding companies that own federally chartered thrifts or banks, as well as non-bank systemically important 

financial institutions designated by the Financial Stability Oversight Council (FSOC). 

FIO, the Federal Reserve, and state insurance commissioners are 

all actively engaged at the IAIS and they regularly coordinate with 

one another, ensuring that each aspect of the unique United States 

regulatory regime is adequately represented in any international 

negotiation. Despite their effective coordination and extensive work 

thus far to improve global insurance regulation, H.R. 5143 stops 

this work in its tracks and puts in place cumbersome and counterproductive requirements. 

At best, H.R. 5143 is unnecessary because international insurance negotiations do not create binding U.S. law. Any such international agreement would only take effect domestically if regulations are promulgated by a federal or state regulator in accordance 

with U.S. law, including required notice and comment periods. At 

worst, H.R. 5143 is a harmful bill that includes requirements that 

are difficult if not impossible to achieve. For example, the bill requires the Treasury and Federal Reserve achieve ‘‘consensus positions’’ with state insurance regulators before any insurance-related 

negotiations or discussions with international regulators. Achieving 

a consensus position with more than 50 state commissioners is virVerDate Sep 11 2014 04:51 Nov 26, 2016 Jkt 069006 PO 00000 Frm 00020 Fmt 6604 Sfmt 6604 E:\HR\OC\HR831.XXX HR831

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tually impossible to achieve, which is one of the reasons that DoddFrank tasked FIO with representing the United States internationally. 

H.R. 5143 is also opposed by Americans for Financial Reform. 

Because this legislation would tie the hands of U.S. representatives, and prevent them from effectively negotiating on international insurance matters, the Minority opposes H.R. 5143. 

MAXINE WATERS. 

GWEN MOORE. 

AL GREEN. 

KEITH ELLISON. 

STEPHEN F. LYNCH. 

WM. LACY CLAY. 

Æ 


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