Federal Insurance Office Reform Act of 2017

To reform the Federal Insurance Office of the Department of the Treasury, and for other purposes. 1. Short title This Act may be cited as the Federal Insurance Office Reform Act of 2018 2. Reform of Federal Insurance Office (a) In general Section 313 of title 31, United States Code, is amended as follows: (1) Leadership In the first sentence of subsection (b), by inserting before the period at the end the following: after consultation with State insurance commissioners (2) Functions In subsection (c)(1)— (A) in subparagraph (E), by striking to coordinate United States to coordinate Federal efforts, and to coordinate with the States, in developing Federal policy on prudential aspects of international insurance matters, including representing the Federal Government (B) in subparagraph (F), by striking to determine to assist the Secretary in determining (C) by striking subparagraph (G) and inserting the following: (G) to consult and work toward consensus with the States (including State insurance regulators) on matters of international importance; and . (3) Gathering of information In subsection (e)— (A) in paragraph (1)— (i) in the matter preceding subparagraph (A), by striking may— may enter into information-sharing agreements. (ii) by striking subparagraphs (A) through (D); (B) by striking paragraphs (2), (3), (4), and (6); and (C) by redesignating paragraph (5) as paragraph (2). (4) Preemption of State insurance measures In subsection (f), by striking Director Secretary (5) Consultation In subsection (i)— (A) by striking to the extent the Director determines appropriate, (B) by inserting before the period at the end the following: and shall seek to include in such meetings, State insurance commissioners, or at the option of the State insurance commissioners, designees acting at the direction of the State insurance commissioners, throughout the negotiations of a covered agreement (6) Retention of existing State regulatory authority In subsection (k), by inserting before the period at the end the following: or with the authority to participate in a supervisory college or similar regulatory process (7) Repeal of certain reports requirements By striking subsections (o) and (p) and redesignating subsections (q) through (s) as subsections (o) through (q), respectively. (8) Definition In subsection (p)(2), as so redesignated by paragraph (7)— (A) in subparagraph (A), by striking and (B) in subparagraph (B), by striking the period at the end and inserting ; and (C) by adding at the end the following new subparagraph: (C) does not include new prudential requirements for United States insurers. . (b) Conforming amendment Subparagraph (E) of section 313(c)(1) of title 31, United States Code, is amended by striking subsection (r) subsection (p) 3. Treatment of Terrorism Risk Insurance Act This Act and the amendments made by this Act may not be construed to affect any responsibilities, duties, or authorities of the Secretary of the Treasury under the Terrorism Risk Insurance Act of 2002 ( 15 U.S.C. 6701 November 2, 2018 Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed

Summary: Federal Insurance Office Reform Act of 2017 This bill amends the Federal Insurance Office Act of 2010 to modify the Department of the Treasury's Federal Insurance Office (FIO). FIO is moved to Treasury's Office of International Affairs. FIO's function of advising Treasury on domestic insurance issues is eliminated. The bill removes FIO from the Financial Stability Oversight Council. FIO's subpoena and enforcement powers regarding information gathering are terminated. The number of personnel employed by FIO is limited to five.