I 
115TH CONGRESS 
1ST SESSION H. R. 3861 
To reform the Federal Insurance Office of the Department of the Treasury, 
and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
SEPTEMBER 28, 2017 
Mr. DUFFY (for himself and Mr. HECK) introduced the following bill; which 
was referred to the Committee on Financial Services 
A BILL 
To reform the Federal Insurance Office of the Department 
of the Treasury, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Federal Insurance Of-
fice Reform Act of 2017’’. 
SEC. 2. REFORM OF FEDERAL INSURANCE OFFICE. 
(a) IN GENERAL.—Section 313 of title 31, United 
States Code, is amended as follows: 
(1) ESTABLISHMENT.—In subsection (a), by in-
serting before the period at the end the following: ‘‘, 
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which shall be within the Office of International Af-
fairs’’. 
(2) LEADERSHIP.—In the first sentence of sub-
section (b), by inserting before the period at the end 
the following: ‘‘after consultation with State insur-
ance commissioners’’. 
(3) FUNCTIONS.—In subsection (c)— 
(A) in paragraph (1)— 
(i) by striking subparagraph (H); 
(ii) in subparagraph (E), by striking 
‘‘Federal efforts’’ and all that follows 
through ‘‘United States’’ and inserting the 
following: ‘‘Federal international insurance 
policy among Federal agencies and achieve 
consensus with the States, including rep-
resenting the Department of the Treas-
ury’’; 
(iii) in subparagraph (F)— 
(I) by striking ‘‘to determine’’ 
and inserting ‘‘to assist the Secretary 
in determining’’; and 
(II) by inserting ‘‘and’’ after the 
semicolon at the end; and 
(iv) by striking subparagraph (G) and 
inserting the following: 
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‘‘(G) to consult and reach consensus with 
the States (including State insurance regu-
lators) on matters of international impor-
tance.’’; 
(B) in paragraph (2), by striking ‘‘major 
domestic and’’; and 
(C) by striking paragraph (3). 
(4) GATHERING
OF
INFORMATION.—In sub-
section (e)— 
(A) in paragraph (1)— 
(i) in the matter preceding subpara-
graph (A), by striking ‘‘may—’’ and in-
serting ‘‘may enter into information-shar-
ing agreements.’’; and 
(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). 
(5) PREEMPTION OF STATE INSURANCE MEAS-
URES.—In subsection (f), by striking ‘‘Director’’ 
each place such term appears and inserting ‘‘Sec-
retary’’. 
(6) CONSULTATION.—In subsection (i)— 
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(A) by striking ‘‘to the extent the Director 
determines appropriate,’’; and 
(B) by inserting before the period at the 
end the following: ‘‘and shall include in such 
meetings, State insurance commissioners, or at 
the option of the State insurance commis-
sioners, designees acting at the direction of the 
State insurance commissioners, throughout the 
negotiations of a covered agreement’’. 
(7) RETENTION
OF
EXISTING
STATE
REGU-
LATORY AUTHORITY.—In subsection (k), by insert-
ing before the period at the end the following: ‘‘or 
with the authority to participate in a supervisory col-
lege or similar regulatory process’’. 
(8) REPEAL OF CERTAIN REPORTS REQUIRE-
MENTS.—By striking subsections (o) and (p) and re-
designating subsections (q) through (s) as sub-
sections (o) through (q), respectively. 
(9) DEFINITION.—In subsection (p)(2), as so 
redesignated by paragraph (8)— 
(A) in subparagraph (A), by striking 
‘‘and’’ at the end; 
(B) in subparagraph (B), by striking the 
period at the end and inserting ‘‘; and’’; and 
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(C) by adding at the end the following new 
subparagraph: 
‘‘(C) does not include new prudential re-
quirements for United States insurers.’’. 
(10) USE OF EXISTING RESOURCES.—In sub-
section (o), as so redesignated by paragraph (8) of 
this section— 
(A) by inserting ‘‘not more than 5’’ after 
‘‘shall dedicate’’; and 
(B) by inserting ‘‘, excluding the Direc-
tor,’’ after ‘‘specific personnel’’. 
(b) CONFORMING AMENDMENT.—Subparagraph (C) 
of section 313(c)(1) of title 31, United States Code, as 
so redesignated by subsection (a)(2)(A)(vi) of this section, 
is amended by striking ‘‘subsection (r)’’ and inserting 
‘‘subsection (p)’’. 
Æ 
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