1272 
to the Secretary and the Secretary shall dedicate specific 
personnel to the Office. 
‘‘(p) DEFINITIONS.—For purposes of this section and 
section 314, the following definitions shall apply: 
‘‘(1) AFFILIATE.—The term ‘affiliate’ means, 
with respect to an insurer, any person that controls, 
is controlled by, or is under common control with the 
insurer. 
‘‘(2) COVERED
AGREEMENT.—The term ‘cov-
ered agreement’ means a written bilateral or multi-
lateral recognition agreement that— 
‘‘(A) is entered into between the United 
States and one or more foreign governments, 
authorities, or regulatory entities; and 
‘‘(B) provides for recognition of prudential 
measures with respect to the business of insur-
ance or reinsurance that achieves a level of pro-
tection for insurance or reinsurance consumers 
that is substantially equivalent to the level of 
protection achieved under State insurance or re-
insurance regulation. 
‘‘(3) DETERMINATION
OF
INCONSISTENCY.— 
The term ‘determination of inconsistency’ means a 
determination that a State insurance measure is pre-
empted under subsection (f). 
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‘‘(4) FEDERAL FINANCIAL REGULATORY AGEN-
CY.—The term ‘Federal financial regulatory agency’ 
means the Department of the Treasury, the Board 
of Governors of the Federal Reserve System, the Of-
fice of the Comptroller of the Currency, the Office 
of Thrift Supervision, the Securities and Exchange 
Commission, the Commodity Futures Trading Com-
mission, the Federal Deposit Insurance Corporation, 
the Federal Housing Finance Agency, or the Na-
tional Credit Union Administration. 
‘‘(5) INSURER.—The term ‘insurer’ means any 
person engaged in the business of insurance, includ-
ing reinsurance. 
‘‘(6) NON-UNITED STATES INSURER.—The term 
‘non-United States insurer’ means an insurer that is 
organized under the laws of a jurisdiction other than 
a State, but does not include any United States 
branch of such an insurer. 
‘‘(7) OFFICE.—The term ‘Office’ means the 
Federal Insurance Office established by this section. 
‘‘(8) SECRETARY.—The term ‘Secretary’ means 
the Secretary of the Treasury. 
‘‘(9) STATE.—The term ‘State’ means any 
State, commonwealth, territory, or possession of the 
United States, the District of Columbia, the Com-
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monwealth of Puerto Rico, the Commonwealth of the 
Northern Mariana Islands, American Samoa, Guam, 
or the United States Virgin Islands. 
‘‘(10) STATE INSURANCE MEASURE.—The term 
‘State insurance measure’ means any State law, reg-
ulation, administrative ruling, bulletin, guideline, or 
practice relating to or affecting prudential measures 
applicable to insurance or reinsurance. 
‘‘(11) STATE
INSURANCE
REGULATOR.—The 
term ‘State insurance regulator’ means any State 
regulatory authority responsible for the supervision 
of insurers. 
‘‘(12) UNITED
STATES
INSURER.—The term 
‘United States insurer’ means— 
‘‘(A) an insurer that is organized under 
the laws of a State; or 
‘‘(B) a United States branch of a non- 
United States insurer. 
‘‘(q) AUTHORIZATION OF APPROPRIATIONS.—There 
are authorized to be appropriated for the Office such sums 
as may be necessary for each fiscal year. 
‘‘SEC. 314. COVERED AGREEMENTS. 
‘‘(a) AUTHORITY.—The Secretary and the United 
States Trade Representative are authorized, jointly, to ne-
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gotiate and enter into covered agreements on behalf of the 
United States. 
‘‘(b) REQUIREMENTS
FOR
CONSULTATION
WITH 
CONGRESS.— 
‘‘(1) IN GENERAL.—Before initiating negotia-
tions to enter into a covered agreement under sub-
section (a), during such negotiations, and before en-
tering 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 Com-
mittee 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 agree-
ment will achieve the applicable purposes, poli-
cies, priorities, and objectives of section 313 
and this section; and 
‘‘(C) the implementation of the agreement, 
including the general effect of the agreement on 
existing State laws. 
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‘‘(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 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 
‘‘(2) 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.’’. 
(b) DUTIES OF SECRETARY.—Section 321(a) of title 
31, United States Code, is amended— 
(1) in paragraph (7), by striking ‘‘and’’ at the 
end; 
(2) in paragraph (8)(C), by striking the period 
at the end and inserting ‘‘; and’’; and 
(3) by adding at the end the following new 
paragraph: 
‘‘(9) advise the President on major domestic 
and international prudential policy issues in connec-
tion with all lines of insurance except health insur-
ance.’’. 
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(c) CLERICAL AMENDMENT.—The table of sections 
for subchapter I of chapter 3 of title 31, United States 
Code, is amended by striking the item relating to section 
312 and inserting the following new items: 
‘‘Sec. 312. Terrorism and Financial Intelligence. 
‘‘Sec. 313. Federal Insurance Office. 
‘‘Sec. 314. Covered agreements. 
‘‘Sec. 315. Continuing in office.’’. 
SEC. 8003. REPORT ON GLOBAL REINSURANCE MARKET. 
Not later than September 30, 2011, the Director of 
the Federal Insurance Office appointed under section 
313(b) of title 31, United States Code (as amended by 
section 8002(a)(3) of this title) shall submit to the Com-
mittee on Financial Services of the House of Representa-
tives and the Committee on Banking, Housing, and Urban 
Affairs of the Senate a report describing the breadth and 
scope of the global reinsurance market and the critical role 
such market plays in supporting insurance in the United 
States. 
SEC. 8004. STUDY ON MODERNIZATION AND IMPROVEMENT 
OF INSURANCE REGULATION IN THE UNITED 
STATES. 
(a) STUDY.—The Director of the Federal Insurance 
Office appointed under section 313(b) of title 31, United 
States Code (as amended by section 8002(a)(3) of this 
title) shall conduct a study on how to modernize and im-
prove the system of insurance regulation in the United 
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States. Such study shall include consideration of the fol-
lowing: 
(1) Effective systemic risk regulation with re-
spect to insurance. 
(2) Strong capital standards and an appro-
priate match between capital allocation and liabil-
ities for all risk. 
(3) Meaningful and consistent consumer protec-
tion for insurance products and practices. 
(4) Increased national uniformity through ei-
ther a Federal charter or effective action by the 
States. 
(5) Improved and broadened regulation of in-
surance companies and affiliates on a consolidated 
basis, including affiliates outside of the traditional 
insurance business. 
(6) International coordination. 
(b) REPORT.—Not later than one year after the date 
of the enactment of this Act, the Director shall submit 
to the Committee on Financial Services of the House of 
Representatives and the Committee on Banking, Housing, 
and Urban Affairs of the Senate a report containing— 
(1) the results of the study conducted under 
subsection (a); and 
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(2) any legislative, administrative, or regulatory 
recommendations that the Director considers appro-
priate to modernize and improve the system of in-
surance regulation in the United States. 
(c) CONSULTATION.—In carrying out subsections (a) 
and (b), the Director shall consult with State insurance 
commissioners, consumer organizations, representatives of 
the insurance industry, policyholders, and other persons, 
as the Director considers appropriate. 
Æ 
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