IB 

Union Calendar No. 652 

114TH CONGRESS 

2D SESSION H. R. 5143 

[Report No. 114–831] 

To provide greater transparency and congressional oversight of international 

insurance standards setting processes, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

APRIL 29, 2016 

Mr. LUETKEMEYER (for himself, Mr. HUIZENGA of Michigan, Mr. PEARCE, 

Mrs. WAGNER, Mr. BARR, Mr. ROTHFUS, and Mr. WESTMORELAND) introduced the following bill; which was referred to the Committee on Financial Services 

NOVEMBER 22, 2016 

Additional sponsors: Mr. LOUDERMILK, Mr. PITTENGER, Mr. SESSIONS, Mr. 

TIPTON, Mr. NEUGEBAUER, Mr. WILLIAMS, Mr. EMMER of Minnesota, 

Mr. LUCAS, Mr. ROSS, Mrs. LOVE, Mr. POSEY, Mr. STIVERS, Mr. 

MESSER, Mr. KING of New York, Mr. GUINTA, Mr. HULTGREN, Mr. 

DUFFY, Mr. GARRETT, Mr. HILL, Mr. SCHWEIKERT, Mr. HURT of Virginia, Mr. POLIQUIN, Mr. MCHENRY, Mr. FINCHER, Mr. LAHOOD, Mr. 

MULVANEY, Mr. LANCE, Mr. BABIN, Mr. RENACCI, Mr. CRAWFORD, Mr. 

MACARTHUR, Mr. HARRIS, and Mr. GROTHMAN

NOVEMBER 22, 2016 

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 April 29, 2016] 


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A BILL 

To provide greater transparency and congressional oversight 

of international insurance standards setting processes, 

and for other purposes. 


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1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Transparent Insurance 

5 Standards Act of 2016’’. 

6 SEC. 2. CONGRESSIONAL FINDINGS. 

7 The Congress finds the following: 

8 (1) The State-based system for insurance regula9 tion in the United States has served American con10 sumers well for more than 150 years and has fostered 

11 an open and competitive marketplace with a diversity 

12 of insurance products to the benefit of policyholders 

13 and consumers. 

14 (2) Protecting policyholders by regulating to en15 sure an insurer’s ability to pay claims has been the 

16 hallmark of the successful United States system and 

17 should be the paramount objective of domestic pruden18 tial regulation and emerging international standards. 

19 (3) United States officials participating in dis20 cussions or negotiations regarding international in21 surance standards shall support standards designed 

22 for the protection of policyholders. 

23 (4) The Secretary of the Treasury shall seek ad24 vice and recommendations from a diverse group of 

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1 ties of the Secretary to coordinate Federal efforts and 

2 develop Federal policy on prudential aspects of inter3 national insurance matters. 

4 (5) The draft of the Higher Loss Absorbency cap5 ital standard adopted in 2015 by the International 

6 Association of Insurance Supervisors, notwith7 standing the concerns of U.S. parties to the Inter8 national Association of Insurance Supervisors, un9 equally affects insurance products offered in the 

10 United States, an issue that must be addressed. 

11 (6) Any international standard agreed to at the 

12 International Association of Insurance Supervisors is 

13 not self-executing in the United States for any insurer 

14 until implemented through the required Federal or 

15 State legislative or regulatory process. 

16 SEC. 3. OBJECTIVES FOR INTERNATIONAL INSURANCE 

17 STANDARDS. 

18 The objectives of the United States regarding inter19 national insurance standards are as follows: 

20 (1) To ensure standards that maintain strong 

21 protection of policy holders, as reflected in the United 

22 States solvency regime. 

23 (2) To ensure, pursuant to enactment of the In24 surance Capital Standards Clarification Act of 2014 

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1 priate for insurers and are not bank-centric in na2 ture. 

3 (3) To promote a principles-based approach to 

4 insurance supervision, in which capital adequacy is 

5 assessed using risk-based capital requirements for in6 surance combined with qualitative risk assessment 

7 and management tools. 

8 (4) To consider the most efficient and least dis9 ruptive approaches to enhancing regulatory assess10 ment of the capital adequacy of insurance groups, in11 cluding tools that are already in place. 

12 (5) To ensure that any international insurance 

13 standard recognizes prudential measures used within 

14 the United States as satisfying standards finalized by 

15 international standard-setting organizations. 

16 (6) To support increasing transparency at any 

17 global insurance or international standard-setting or18 ganization in which the United States participates, 

19 including advocating for greater stakeholder public 

20 observer access to working groups and committee 

21 meetings of the International Association of Insurance 

22 Supervisors. 

23 (7) To ensure that there is a sufficient period for 

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1 posed international insurance standard before it takes 

2 effect. 

3 (8) To ensure that the Secretary of the Treasury 

4 and the Board of Governors of the Federal Reserve 

5 System achieve consensus positions with State insur6 ance commissioners when the Secretary and the 

7 Board are United States participants in discussions 

8 on insurance issues before the International Associa9 tion of Insurance Supervisors, Financial Stability 

10 Board, or any other international forum of financial 

11 regulators or supervisors that considers such issues. 

12 (9) To consider the impact of any such standard 

13 on the availability and cost of products to consumers. 

14 (10) To avoid measures that could limit the 

15 availability and accessibility of risk protection and 

16 retirement security products that are essential to 

17 meeting the needs of aging populations. 

18 (11) To ensure that the merits of existing State19 based capital standards are recognized and incor20 porated in any domestic or global insurance capital 

21 standard. 

22 (12) To advocate for insurance regulatory stand23 ards that are based on the nature, scale, and com24 plexity of the risks posed by the regulated insurance 

25 group and entity or activity. 


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1 SEC. 4. REQUIREMENTS FOR CONSENT TO ADOPT INTER2 NATIONAL INSURANCE STANDARDS. 

3 (a) PUBLICATION OF STANDARDS; ADOPTION OF CAP4 ITAL AND PRUDENTIAL STANDARDS.—The United States 

5 may not agree to, accept, establish, enter into, or consent 

6 to the adoption of a final international insurance standard 

7 with an international standard-setting organization or a 

8 foreign government, authority, or regulatory entity unless 

9 the requirements under both of the following paragraphs are 

10 complied with: 

11 (1) PUBLICATION.—The requirements under this 

12 paragraph are complied with if the conditions under 

13 one of the following subparagraphs have been met: 

14 (A) BY FEDERAL RESERVE AND TREAS15 URY.—The Chairman of the Board of Governors 

16 of the Federal Reserve System and the Secretary 

17 of the Treasury have caused the proposed text of 

18 the proposed final international insurance stand19 ard to be published in the Federal Register and 

20 made available for public comment for a period 

21 of not fewer than 30 days (which period may 

22 run concurrently with the 90-day period referred 

23 to in subsection (b)(3)). 

24 (B) BY STATE INSURANCE COMMIS25 SIONERS.—The State insurance commissioners 

26 have caused the proposed text of the proposed 


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1 international insurance standard to be published 

2 in a similar form and manner that provides for 

3 notice and public comment. 

4 (2) CAPITAL STANDARD.—In the case only of a 

5 final international insurance standard setting forth 

6 any capital standard or standards for insurers— 

7 (A) such international capital standard is 

8 consistent with capital requirements set forth in 

9 the State-based system of insurance regulation; 

10 (B) the Board has issued capital require11 ments for insurance companies supervised by the 

12 Board and subject to such requirements, which 

13 shall be issued through rulemaking in accordance 

14 with the procedures established under section 553 

15 of title 5, United States Code, regarding sub16 stantive rules, under which the periods for notice 

17 and public comment shall each have a duration 

18 of not fewer than 60 days; and 

19 (C) to the extent that such international 

20 capital standard is intended to be applied to a 

21 company or companies supervised by the Board 

22 of Governors of the Federal Reserve System, is 

23 consistent with the capital requirements of the 

24 Board for such companies. 


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1 (b) SUBMISSION AND LAYOVER PROVISIONS.—The Sec2 retary and the Board may not agree to, accept, establish, 

3 enter into, or consent to the adoption of an international 

4 insurance standard established through an international 

5 standard-setting organization or a foreign government, au6 thority, or regulatory entity unless— 

7 (1) the Secretary and the Board have— 

8 (A) conducted an analysis under subsection 

9 (c) of the proposed international insurance 

10 standard; and 

11 (B) submitted to the covered congressional 

12 committees, on a day on which both Houses of 

13 Congress are in session, a copy of the proposed 

14 final text of the proposed international insurance 

15 standard and the report required under sub16 section (c)(2) regarding such analysis; 

17 (2) the Secretary and the Chairman of the Board 

18 have determined, pursuant to such analysis, that the 

19 proposed standard will not result in any change in 

20 State law; 

21 (3) with respect to a capital standard under sub22 section (a)(2), the Secretary and the Chairman of the 

23 Board certify that the proposed international capital 

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1 er’s policyholders in the event of the liquidation of 

2 that entity; and 

3 (4) a period of 90 calendar days beginning on 

4 the date on which the copy of the proposed final text 

5 of the standard is submitted to the covered congres6 sional committees under paragraph (1)(B) has ex7 pired, during which period the Congress may take ac8 tion to approve or reject such final standard. 

9 (c) JOINT ANALYSIS BY CHAIR OF THE FEDERAL RE10 SERVE AND SECRETARY OF THE TREASURY.— 

11 (1) IN GENERAL.—An analysis under this sub12 section of a proposed final international insurance 

13 standard shall be an analysis conducted by the Sec14 retary and the Chairman of the Board of Governors 

15 of the Federal Reserve System, in consultation with 

16 the State insurance commissioners, of the impact of 

17 such standard on consumers and markets in the 

18 United States and whether any changes in State law 

19 will result from such final standard. 

20 (2) REPORT.—Upon completion of an analysis 

21 under this subsection of a final international insur22 ance standard, the Secretary and the Board shall sub23 mit a report on the results of the analysis to the cov24 ered congressional committees and the Comptroller 

25 General of the United States. The report shall include 


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1 a statement setting forth the determination made pur2 suant to paragraph (1) regarding any changes in 

3 State law resulting from such final standard. 

4 (3) NOTICE AND COMMENT.— 

5 (A) NOTICE.—The Secretary and the Chair6 man of the Board of Governors of the Federal 

7 Reserve System shall provide notice before the 

8 date on which drafting the report is commenced 

9 and after the date on which the draft of the re10 port is completed. 

11 (B) OPPORTUNITY FOR COMMENT.—There 

12 shall be an opportunity for public comment for 

13 a period beginning on the date on which the re14 port is submitted under paragraph (2) and end15 ing on the date that is not fewer than 60 days 

16 after the date on which the report is submitted. 

17 Nothing in this subparagraph shall affect the au18 thority of the Board to issue the rule referred to 

19 in subsection (a)(2). 

20 (4) REVIEW BY COMPTROLLER GENERAL.—Upon 

21 submission of a report pursuant to paragraph (2) to 

22 the Comptroller General, the Comptroller General 

23 shall review the report and shall submit a report to 

24 the Congress setting forth the conclusions of the 

25 Comptroller General’s review. 


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1 (d) LIMITED EFFECT.—This section may not be con2 strued to establish or expand any authority to implement 

3 an international insurance standard in the United States 

4 or for the United States or any representative of the Federal 

5 Government to adopt or enter into any international insur6 ance standard. 

7 (e) TREATMENT OF STATE LAW.—In accordance with 

8 the Act of March 9, 1945 (Chapter 20; 59 Stat. 33; 15 

9 U.S.C. 1011 et seq.), commonly referred to as the 

10 ‘‘McCarran-Ferguson Act’’, this section may not be con11 strued to preempt State law. 

12 SEC. 5. REPORTS. 

13 (a) REPORTS AND TESTIMONY BY SECRETARY OF THE

14 TREASURY AND CHAIR OF THE FEDERAL RESERVE.—The 

15 Secretary and the Chairman of the Board of Governors of 

16 the Federal Reserve System shall submit to the covered con17 gressional committees an annual report and provide testi18 mony, not less often than every 6 months, to the covered 

19 congressional committees on the efforts of the Secretary and 

20 the Chairman with the State insurance commissioners with 

21 respect to international insurance standard-setting organi22 zations and international insurance standards, including— 

23 (1) a description of the insurance standard-set24 ting issues under discussion at international stand25 ard-setting bodies, including the Financial Stability 


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1 Board and the International Association of Insurance 

2 Supervisors; 

3 (2) a description of the effects that international 

4 insurance standards could have on consumers and in5 surance markets in the United States; 

6 (3) a description of any position taken by the 

7 Secretary and the Board in international insurance 

8 discussions or on any international insurance stand9 ard; 

10 (4) a description of the efforts by the Secretary 

11 and the Board to increase transparency and account12 ability at the Financial Stability Board with respect 

13 to insurance proposals and the International Associa14 tion of Insurance Supervisors, including efforts to 

15 provide additional public access to working groups 

16 and committees of the International Association of 

17 Insurance Supervisors; and 

18 (5) a description of how the Secretary and the 

19 Board are meeting the objectives set forth in section 

20 3, or, if such objectives are not being met, an expla21 nation of the reasons for not meeting such objectives. 

22 (b) REPORTS AND TESTIMONY BY STATE INSURANCE

23 COMMISSIONERS.—The State insurance commissioners may 

24 provide testimony or reports to the Congress on the issues 

25 described in subsection (a). 


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1 (c) REPORT ON TRANSPARENCY.—Not later than 180 

2 days after the date of enactment of this Act, the Chairman 

3 of the Board of Governors of the Federal Reserve System 

4 and the Secretary shall submit to the Congress a report and 

5 provide testimony to the Congress on the efforts of the 

6 Chairman and the Secretary pursuant to subsection (a)(4) 

7 of this section to increase transparency at meetings of the 

8 International Association of Insurance Supervisors. 

9 (d) GAO REPORT ON TRANSPARENCY OF OUTSIDE OR10 GANIZATIONS.— 

11 (1) IN GENERAL.—Not later than one year after 

12 the date of enactment of this Act, the Comptroller 

13 General of the United States shall submit to the cov14 ered congressional committees a report, and provide 

15 testimony to such committees, identifying and ana16 lyzing the transparency and accountability of any or17 ganization acting as a designee of, or at the direction 

18 of, the head of a State insurance department on issues 

19 related to international insurance standards, which is 

20 not employed directly by the State. 

21 (2) CONTENT.—The report and testimony re22 quired under this section shall include a description 

23 and analysis of— 

24 (A) the role, involvement, or relationship, of 

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1 graph (1), of, with, or to the State insurance de2 partments’ activities as authorized by, directed 

3 by, or otherwise referred to in this Act, including 

4 a description and analysis regarding such orga5 nization’s participation in policy and decision6 making deliberations and activities related to 

7 international insurance standards; 

8 (B) any financial support provided by such 

9 organization to any State insurance department 

10 personnel in furtherance of their activities re11 lated to international insurance standards, the 

12 nature and amount of such support, and any 

13 understandings between the organization and the 

14 State regarding travel protocols and State laws 

15 governing State officials’ receipt of, benefitting 

16 from, or being subsidized by, outside funds; 

17 (C) the budget, including revenues and ex18 penses, of any organization identified pursuant 

19 to paragraph (1) relating to participation in 

20 international insurance discussions on issues be21 fore, involving, or relating to the International 

22 Association of Insurance Supervisors, the Finan23 cial Stability Board, or any other international 

24 forum of financial regulators or supervisors that 


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1 considers such issues, and how the organization 

2 collects money to fund such activities; 

3 (D) whether each such budget of such an or4 ganization is developed under a process com5 parable in its transparency and accountability 

6 to the process under which budgets are developed 

7 and appropriated for State departments of in8 surance and Federal executive branch regulatory 

9 agencies, including— 

10 (i) an identification of any bodies 

11 independent of the organization that set 

12 standards for and/or oversee that organiza13 tion’s budgeting process; and 

14 (ii) a description of the extent to which 

15 and how the organization, in funding its 

16 operations, uses or benefits from its mem17 bers’ ability to compel entities subject to its 

18 members’ regulatory authority to use the 

19 services of the organization or any of its af20 filiates; and 

21 (E) the extent to which the work product of 

22 any organization identified pursuant to para23 graph (1)has the effect of establishing any self24 executing national standards, and in what way, 

25 and whether such standards are developed under 


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1 processes comparable in their transparency and 

2 accountability to the process under which na3 tional standards are developed by the Congress 

4 or Federal executive branch agencies. 

5 SEC. 6. DEFINITIONS. 

6 In this Act: 

7 (1) BOARD.—The term ‘‘Board’’ means the 

8 Board of Governors of the Federal Reserve System, or 

9 the designee of the Board. 

10 (2) COVERED CONGRESSIONAL COMMITTEES.— 

11 The term ‘‘covered congressional committees’’ means 

12 the Committee on Financial Services of the House of 

13 Representatives and the Committee on Banking, 

14 Housing and Urban Affairs of the Senate. 

15 (3) INTERNATIONAL INSURANCE STANDARD.— 

16 The term ‘‘international insurance standard’’ means 

17 any international insurance supervisory standard de18 veloped by an international standards setting organi19 zation, or regulatory or supervisory forum, in which 

20 the United States participates, including the Common 

21 Framework for the Supervision of Internationally Ac22 tive Insurance Groups, the Financial Stability Board, 

23 and the International Association of Insurance Su24 pervisors. 


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1 (4) SECRETARY.—The term ‘‘Secretary’’ means 

2 the Secretary of the Treasury, or the Secretary’s des3 ignee. 

4 (5) STATE INSURANCE COMMISSIONERS.—The 

5 term ‘‘State insurance commissioners’’ means the 

6 heads of the State insurance departments or their des7 ignees acting at their direction. 

8 SEC. 7. TREATMENT OF COVERED AGREEMENTS. 

9 Section 314 of title 31, United States Code is amend10 ed— 

11 (1) in subsection (c)— 

12 (A) by redesignating paragraphs (1) and 

13 (2) as paragraphs (2) and (3), respectively; and 

14 (B) by inserting before paragraph (2), as so 

15 redesignated, the following new paragraph: 

16 ‘‘(1) the Secretary of the Treasury and the 

17 United States Trade Representative have caused to be 

18 published in the Federal Register, and made available 

19 for public comment for a period of not fewer than 30 

20 days (which period may run concurrently with the 

21 90-day period for the covered agreement referred to in 

22 paragraph (3)), the proposed text of the covered agree23 ment;’’; and 

24 (2) by adding at the end the following new sub25 sections: 


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1 ‘‘(d) CONSULTATION WITH STATE INSURANCE COM2 MISSIONERS.—In any negotiations regarding a con3 templated covered agreement, the Secretary and the United 

4 States Trade Representative shall consult with and directly 

5 include State insurance commissioners. 

6 ‘‘(e) PROHIBITION ON REGULATORY AUTHORITY.—In 

7 accordance with subsections (k) and (l) of section 313, a 

8 covered agreement shall not be used to establish or provide 

9 the Federal Insurance Office or the Treasury with any gen10 eral supervisory or regulatory authority over the business 

11 of insurance or with the authority to participate in a super12 visory college or similar process. 

13 ‘‘(f) TREATMENT UNDER OTHER LAW.—A covered 

14 agreement shall not be considered an international insur15 ance standard for purposes of the Transparent Insurance 

16 Standards Act of 2016 and shall not be subject to such 

17 Act.’’. 

18 SEC. 8. DUTIES OF INDEPENDENT MEMBER OF FINANCIAL 

19 STABILITY OVERSIGHT COUNCIL. 

20 Subsection (a) of section 112 of the Dodd-Frank Wall 

21 Street Reform and Consumer Protection Act (12 U.S.C. 

22 5322(a)) is amended by adding at the end the following 

23 new paragraph: 

24 ‘‘(3) DUTIES OF INDEPENDENT MEMBER.—To 

25 assist the Council with its responsibilities to monitor 


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1 international insurance developments, advise Con2 gress, and make recommendations, the Independent 

3 Member of the Council shall have the authority to— 

4 ‘‘(A) regularly consult with international 

5 insurance supervisors and international finan6 cial stability counterparts; 

7 ‘‘(B) consult with, advise, and assist the 

8 Secretary of the Treasury with respect to rep9 resenting the Federal Government of the United 

10 States, as appropriate, in the International As11 sociation of Insurance Supervisors (including to 

12 become a non-voting member thereof), particu13 larly on matters of systemic risk, and to consult 

14 with the Board of Governors of the Federal Re15 serve System and the States concerning such 

16 matters; 

17 ‘‘(C) attend the Financial Stability Board 

18 of The Group of Twenty and join with other 

19 members from the United States, including on 

20 matters related to insurance and financial sta21 bility, and provide for the attendance and par22 ticipation at such Board, on matters related to 

23 insurance and financial stability, of State insur24 ance commissioners; and 


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1 ‘‘(D) attend, with the United States delega2 tion, the Organization for Economic Cooperation 

3 and Development and observe and participate at 

4 the Insurance and Private Pensions Committee 

5 of such Organization on matters related to insur6 ance and financial stability.’’. 

7 SEC. 9. STATE INSURANCE REGULATOR INVOLVEMENT IN 

8 INTERNATIONAL STANDARD SETTING. 

9 Parties representing the United States at the Finan10 cial Stability Board of the Group of Twenty on matters, 

11 and in meetings, related to insurance and financial sta12 bility shall consult with, and seek to include in such meet13 ings, the State insurance commissioners. 

14 SEC. 10. RULE OF CONSTRUCTION. 

15 Nothing in this Act or the amendments made by this 

16 Act may be construed to support or endorse the domestic 

17 capital standard for insurers referred to in section 4(a)(2) 

18 or any such domestic capital standards established by the 

19 Board. 


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Union Calendar No. 652 

114TH CONGRESS 

2D SESSION H. R. 5143 

[Report No. 114–831] 

A BILL 

To provide greater transparency and congressional 

setting processes, and for other purposes. oversight of international insurance standards 

NOVEMBER 22, 2016 

Reported with an amendment, committed to the Comand ordered to be printed mittee of the Whole House on the State of the Union, 


asabaliauskas on DSK3SPTVN1PROD with BILLS