I 
115TH CONGRESS 
1ST SESSION H. R. 4537 
To preserve the State-based system of insurance regulation and provide great-
er oversight of and transparency on international insurance standards 
setting processes, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
DECEMBER 4, 2017 
Mr. DUFFY (for himself, Mr. HECK, Mr. SHERMAN, Mr. ROSS, Mr. BUDD, 
Mr. CAPUANO, Mr. ROTHFUS, and Ms. TENNEY) introduced the following 
bill; which was referred to the Committee on Financial Services, and in 
addition to the Committee on Rules, for a period to be subsequently de-
termined by the Speaker, in each case for consideration of such provisions 
as fall within the jurisdiction of the committee concerned 
A BILL 
To preserve the State-based system of insurance regulation 
and provide greater oversight of and transparency on 
international insurance standards setting processes, 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 ‘‘International Insur-
ance Standards Act of 2017’’. 
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SEC. 2. CONGRESSIONAL FINDINGS. 
The Congress finds the following: 
(1) The State-based system for insurance regu-
lation in the United States has served American con-
sumers well for more than 150 years and has fos-
tered an open and competitive marketplace with a 
diversity of insurance products to the benefit of pol-
icyholders and consumers. 
(2) Protecting policyholders by regulating to en-
sure 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 pru-
dential regulation and emerging international stand-
ards. 
(3) The Dodd-Frank Wall Street Reform and 
Consumer Protection Act (Public Law 111–203) re-
affirmed the State-based insurance regulatory sys-
tem. 
SEC. 3. REQUIREMENT THAT INSURANCE STANDARDS RE-
FLECT UNITED STATES POLICY. 
(a) REQUIREMENT.—Parties representing the Fed-
eral Government in any international regulatory, stand-
ard-setting, or supervisory forum or in any negotiations 
of any international agreements relating to the prudential 
aspects of insurance shall not agree to, accede to, accept, 
or establish, and shall use their voice and shall vote to 
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oppose, any proposed agreement or standard, including 
proposals developed by the International Association of In-
surance Supervisors (or a successor entity), unless such 
proposed agreement or standard— 
(1) is consistent with and reflective of existing 
Federal and State laws, regulations, and policies on 
regulation of insurance, including the primacy of 
policyholder protection in solvency regulation; and 
(2) recognizes existing Federal and State laws, 
regulations, and policies on the regulation of insur-
ance as satisfying such proposals. 
(b) FEDERAL INSURANCE OFFICE FUNCTIONS.— 
Subparagraph (E) of section 313(c)(1) of title 31, United 
States Code, is amended by inserting ‘‘Department of the 
Treasury of the’’ before ‘‘United States’’. 
(c) NEGOTIATIONS.—Nothing in this section shall be 
construed to prevent participation in negotiations of any 
proposed agreement or standard. 
SEC. 4. STATE INSURANCE REGULATOR INVOLVEMENT IN 
INTERNATIONAL STANDARD SETTING. 
In developing international insurance standards pur-
suant to section 3, and throughout the negotiations of 
such standards, parties representing the Federal Govern-
ment shall, on matters related to insurance, closely con-
sult, coordinate with and include in such meetings, State 
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insurance commissioners or, at the option of the State in-
surance commissioners, designees of the insurance com-
missioners acting at their direction. 
SEC. 5. CONSULTATION WITH CONGRESS. 
(a) CONSULTATION.—Before initiating negotiations 
to enter into an agreement under section 3, during such 
negotiations, and before entering into any such agreement, 
parties representing the Federal Government shall provide 
written notice to and consult with the Committee on Fi-
nancial Services of the House of Representatives and the 
Committee on Banking, Housing, and Urban Affairs of 
the Senate, and any other relevant committees of jurisdic-
tion, regarding— 
(1) the intention of the United States to par-
ticipate or enter into such negotiations; 
(2) the nature and objectives of the negotia-
tions; 
(3) the implementation of the agreement, in-
cluding how it is consistent with and does not mate-
rially differ from or otherwise affect Federal or 
State laws or regulations; 
(4) the impact on the competitiveness of United 
States insurers; and 
(5) the impact on United States consumers. 
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(b) SUBMISSION AND LAYOVER PROVISIONS.—Par-
ties representing the Federal Government may not sign 
the final text or otherwise agree to, accept, or establish 
an agreement under section 3 that would not have the 
force and effect of law before— 
(1) such parties submit to the committees speci-
fied in subsection (a), on a day in which both 
Houses of Congress are in session, a copy of the 
final legal text of the agreement; and 
(2) the later of— 
(A) the expiration of 90-day period begin-
ning on the date on which the copy of the final 
legal text of the agreement is submitted to the 
congressional committees under paragraph (1); 
or 
(B) if the President has vetoed a joint res-
olution described in section 6(b) relating to the 
agreement, the expiration of the 15-day period 
described in section 6(a)(2). 
(c) DELIVERY OF DOCUMENTS TO BOTH HOUSES.— 
Whenever, pursuant to this section, written notice or a 
document is required to be transmitted to the Congress, 
copies of such notice or document shall be delivered to 
both Houses of Congress on the same day and shall be 
delivered to the Clerk of the House of Representatives if 
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the House is not in session and to the Secretary of the 
Senate if the Senate is not in session. 
SEC. 6. CONGRESSIONAL REVIEW. 
(a) DISAPPROVAL.— 
(1) IN GENERAL.—In the case of any agree-
ment under section 3 that would not have the force 
and effect of law, the United States shall not be con-
sidered a party to such agreement if, before the ex-
piration of the 90-day period beginning on the day 
that the final legal text of the agreement is sub-
mitted to the Congress pursuant to section 5(b)(1), 
a joint resolution described in subsection (b) is en-
acted into law. 
(2) VETO.—If the President vetoes the joint 
resolution, the joint resolution shall be treated as en-
acted into law before the end of the 90-day period 
under paragraph (1) if both Houses of Congress 
vote to override such veto on or before the later of— 
(A) the last day of such 90-day period; or 
(B) the last day of the 15-day period (ex-
cluding any day described in subsection (h)) be-
ginning on the date the Congress receives the 
veto message from the President. 
(b) CONTENTS OF RESOLUTION.—For purposes of 
this section, the term ‘‘resolution’’ means only a joint reso-
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‘‘(6) FLOOR
CONSIDERATION
IN
THE
SEN-
ATE.— 
‘‘(A) MOTION TO PROCEED.—A motion in 
the Senate to proceed to the consideration of a 
resolution shall be privileged. An amendment to 
the motion shall not be in order, nor shall it be 
in order to move to reconsider the vote by 
which the motion is agreed to or disagreed to. 
‘‘(B) DEBATE
ON
RESOLUTION.—Debate 
in the Senate on a resolution, and all debatable 
motions and appeals in connection therewith, 
shall be limited to not more than 20 hours, to 
be equally divided between, and controlled by, 
the majority leader and the minority leader or 
their designees. 
‘‘(C) DEBATE ON MOTION OR APPEAL.— 
Debate in the Senate on any debatable motion 
or appeal in connection with a resolution shall 
be limited to not more than 1 hour, to be equal-
ly divided between, and controlled by, the mover 
and the manager of the resolution, except that 
in the event the manager of the resolution is in 
favor of any such motion or appeal, the time in 
opposition thereto, shall be controlled by the 
minority leader or his designee. Such leaders, or 
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