Director of the Federal Insurance Office, are hereby elimi-
nated. 
(b) TREASURY AUTHORITY.—This section may not 
be construed to repeal or otherwise limit any authority of 
the Secretary of the Treasury with respect matters relat-
ing to insurance. 
SEC. 3. ESTABLISHMENT OF UNITED STATES INSURANCE 
REPRESENTATIVE. 
Title 31, United States Code, is amended— 
(1) in the table of sections for subchapter I of 
chapter 3, by striking ‘‘Federal Insurance Office’’ 
and inserting ‘‘United States Insurance Representa-
tive’’; and 
(2) by amending section 313 to read as follows: 
‘‘§ 313. United States Insurance Representative 
‘‘(a) IN GENERAL.—Not later than 1 year after the 
date of the enactment of this section, the Secretary shall, 
for the purpose of carrying out this section— 
‘‘(1) appoint an United States Insurance Rep-
resentative; and 
‘‘(2) hire and retain individuals with expertise 
in matters related to insurance. 
‘‘(b) DUTIES.—The United States Insurance Rep-
resentative shall— 
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‘‘(1) coordinate Federal efforts and develop 
Federal policy on prudential aspects of international 
insurance matters; 
‘‘(2) represent the United States Department of 
the Treasury, as appropriate, in the International 
Association of Insurance Supervisors (or a successor 
entity); 
‘‘(3) assist the Secretary in negotiating covered 
agreements; 
‘‘(4) determine whether State insurance meas-
ures are preempted by covered agreements; 
‘‘(5) assist the Secretary in administering the 
Terrorism Insurance Program established in the De-
partment of the Treasury under the Terrorism Risk 
Insurance Act of 2002 (15 U.S.C. 6701 note); 
‘‘(6) consult with the States (including State in-
surance regulators) with respect to insurance mat-
ters of national importance and prudential insurance 
matters of international importance; and 
‘‘(7) advise the Secretary on prudential inter-
national insurance policy issues. 
‘‘(c) SCOPE.—The authority of the United States In-
surance Representative shall extend to prudential aspects 
of all lines of insurance offered in the United States, ex-
cept— 
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‘‘(1) health insurance, as determined by the 
Secretary in coordination with the Secretary of 
Health and Human Services based on section 2791 
of the Public Health Service Act (42 U.S.C. 300gg– 
91); 
‘‘(2) long-term care insurance, except long-term 
care insurance that is included with life or annuity 
insurance components, as determined by the Sec-
retary in coordination with the Secretary of Health 
and Human Services, and in the case of long-term 
care insurance that is included with such compo-
nents, the Secretary shall coordinate with the Sec-
retary of Health and Human Services in performing 
the functions under this paragraph; and 
‘‘(3) crop insurance, as established by the Fed-
eral Crop Insurance Act (7 U.S.C. 1501 et seq). 
‘‘(d) PREEMPTION
OF STATE INSURANCE MEAS-
URES.— 
‘‘(1) STANDARD.—A State insurance measure 
shall be preempted pursuant to this paragraph or 
section 314 if, and only to the extent that the 
United States Insurance Representative determines, 
in accordance with this paragraph, that the meas-
ure— 
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‘‘(A) results in less favorable treatment of 
a non-United States insurer domiciled in a for-
eign jurisdiction that is subject to a covered 
agreement than a United States insurer domi-
ciled, licensed, or otherwise admitted in that 
State; and 
‘‘(B) is inconsistent with a covered agree-
ment. 
‘‘(2) DETERMINATION.— 
‘‘(A) NOTICE
OF
POTENTIAL
INCONSIST-
ENCY.—Before 
making 
any 
determination 
under paragraph (1), the United States Insur-
ance Representative shall— 
‘‘(i) notify and consult with the appro-
priate State regarding any potential incon-
sistency or preemption; 
‘‘(ii) notify and consult with the 
United States Trade Representative re-
garding any potential inconsistency or pre-
emption; 
‘‘(iii) publish in the Federal Register 
a notice of the potential inconsistency or 
preemption, including a description of each 
State insurance measure at issue and any 
applicable covered agreement; 
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‘‘(iv) provide interested parties a rea-
sonable opportunity to submit written com-
ments to the United States Insurance Rep-
resentative; and 
‘‘(v) consider any comments received. 
‘‘(B) SCOPE OF REVIEW.—For purposes of 
this subsection, any determination of the 
United States Insurance Representative regard-
ing State insurance measures, and any preemp-
tion under clause (i) as a result of such deter-
mination, shall be limited to the subject matter 
contained within the covered agreement involved 
and shall achieve a level of protection for insur-
ance or reinsurance consumers that is substan-
tially equivalent to the level of protection 
achieved under State insurance or reinsurance 
regulation. 
‘‘(C) NOTICE OF DETERMINATION OF IN-
CONSISTENCY.—Upon making any determina-
tion under paragraph (1), the United States In-
surance Representative shall— 
‘‘(i) notify the appropriate State of 
the determination and the extent of the in-
consistency; 
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‘‘(ii) establish a reasonable period of 
time, which shall not be less than 30 days, 
before the determination shall become ef-
fective; and 
‘‘(iii) notify the Committees on Finan-
cial Services and Ways and Means of the 
House of Representatives and the Commit-
tees on Banking, Housing, and Urban Af-
fairs and Finance of the Senate. 
‘‘(3) NOTICE OF EFFECTIVENESS.—Upon the 
conclusion of the period referred to in paragraph 
(2)(C)(ii), if the basis for such determination still 
exists, the determination shall become effective and 
the United States Insurance Representative shall— 
‘‘(A) publish a notice in the Federal Reg-
ister that the preemption has become effective, 
as well as the effective date; and 
‘‘(B) notify the appropriate State of the 
preemption of the State measure. 
‘‘(4) LIMITATION.—No State may enforce a 
State insurance measure that has been preempted 
under this subparagraph. 
‘‘(e) APPLICABILITY
OF ADMINISTRATIVE PROCE-
DURES ACT.—Determinations of under subsection (d) 
shall be subject to the applicable provisions of subchapter 
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II of chapter 5 of title 5, United States Code (relating 
to administrative procedure), and chapter 7 of such title 
(relating to judicial review), except that in any action for 
judicial review of a determination of inconsistency, the 
court shall determine the matter de novo. 
‘‘(f) REGULATIONS, POLICIES, AND PROCEDURES.— 
The Secretary may issue orders, regulations, policies, and 
procedures to implement this paragraph. 
‘‘(g) CONSULTATION.—The United States Insurance 
Representative shall consult with State insurance regu-
lators, individually or collectively, to the extent the United 
States Insurance Representative determines appropriate, 
in carrying out this paragraph. 
‘‘(h) RULES OF CONSTRUCTION.—Nothing in this 
paragraph or section 314 shall be construed to— 
‘‘(1) alter, amend, or limit any provision of the 
Consumer Financial Protection Agency Act of 2010; 
‘‘(2) affect the preemption of any State insur-
ance measure otherwise inconsistent with and pre-
empted by Federal law; 
‘‘(3) preempt— 
‘‘(A) any State insurance measure that 
governs any insurer’s rates, premiums, under-
writing, or sales practices; 
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‘‘(B) any State coverage requirements for 
insurance; 
‘‘(C) the application of the antitrust laws 
of any State to the business of insurance; or 
‘‘(D) any State insurance measure gov-
erning the capital or solvency of an insurer, ex-
cept to the extent that such State insurance 
measure results in less favorable treatment of a 
non-United States insurer than a United States 
insurer; 
‘‘(4) provide the United States Insurance Rep-
resentative or the Department of the Treasury with 
general supervisory or regulatory authority over the 
business of insurance; 
‘‘(5) limit the authority of any Federal financial 
regulatory agency, including the authority to develop 
and coordinate policy, negotiate, and enter into 
agreements with foreign governments, authorities, 
regulators, and multinational regulatory committees 
and to preempt State measures to affect uniformity 
with international regulatory agreements; or 
‘‘(6) affect the authority of the Office of the 
United States Trade Representative pursuant to sec-
tion 141 of the Trade Act of 1974 (19 U.S.C. 2171) 
or any other provision of law, including authority 
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over the development and coordination of United 
States international trade policy and the administra-
tion of the United States trade agreements program. 
‘‘(i) ANNUAL REPORT TO CONGRESS.— 
‘‘(1) PREEMPTION REPORTS.—Beginning on the 
date that is 2 years after the date of the enactment 
of this paragraph, and annually thereafter, the 
United States Insurance Representative shall submit 
a report to the President and to the Committees on 
Financial Services and Ways and Means of the 
House of Representatives and the Committees on 
Banking, Housing, and Urban Affairs and Finance 
of the Senate on any actions taken during the pre-
ceding 1-year period by the Representative pursuant 
to subsection (d). 
‘‘(2) INTERNATIONAL INSURANCE REPORTS.— 
Not later than 2 years after the date of the enact-
ment of this paragraph, the United States Insurance 
Representative shall conduct a study and submit a 
report to the Congress that describes— 
‘‘(A) any international coordination of in-
surance regulation; and 
‘‘(B) the international competitiveness of 
United States insurers. 
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‘‘(j) USE OF EXISTING RESOURCES.—To carry out 
this paragraph, the United States Insurance Representa-
tive may use personnel, facilities, and any other resource 
of the Department of the Treasury that are available to 
the Secretary. 
‘‘(k) DEFINITIONS.—In this paragraph and section 
314, the following definitions shall apply: 
‘‘(1) COVERED
AGREEMENT.—The term ‘cov-
ered agreement’ means a written bilateral or multi-
lateral agreement regarding prudential measures 
with respect to the business of insurance or reinsur-
ance that— 
‘‘(A) is entered into between the United 
States and one or more foreign governments, 
authorities, or regulatory entities; and 
‘‘(B) relates to the recognition of pruden-
tial measures with respect to the business of in-
surance or reinsurance that achieves a level of 
protection for insurance or reinsurance con-
sumers that is substantially equivalent to the 
level of protection achieved under State insur-
ance or reinsurance regulation. 
‘‘(2) INSURER.—The term ‘insurer’ means any 
person engaged in the business of insurance, includ-
ing reinsurance. 
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‘‘(3) 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. 
‘‘(4) 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. 
‘‘(5) 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. 
‘‘(6) STATE
INSURANCE
REGULATOR.—The 
term ‘State insurance regulator’ means any State 
regulatory authority responsible for the supervision 
of insurers. 
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‘‘(7) SUBSTANTIALLY
EQUIVALENT
TO
THE 
LEVEL OF PROTECTION ACHIEVED.—The term ‘sub-
stantially equivalent to the level of protection 
achieved’ means the prudential measures of a for-
eign government, authority, or regulatory entity 
achieve a similar outcome in consumer protection as 
the outcome achieved under State insurance or rein-
surance regulation. 
‘‘(8) 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.’’. 
SEC. 4. RELATED AMENDMENTS TO ELIMINATION OF FED-
ERAL INSURANCE OFFICE. 
(a) DODD-FRANK WALL STREET REFORM AND CON-
SUMER PROTECTION ACT AMENDMENTS.—The Dodd- 
Frank Wall Street Reform and Consumer Protection Act 
(12 U.S.C. 5301 et seq.) is amended— 
(1) in section 165(i) (12 U.S.C. 5365(i))— 
(A) in paragraph (1)(A), by striking ‘‘and 
the Federal Insurance Office’’ and inserting 
‘‘and the Secretary of the Treasury’’; and 
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(B) in paragraph (2)(C), in the matter 
preceding clause (i), by striking ‘‘and the Fed-
eral Insurance Office’’ and inserting ‘‘and the 
Secretary of the Treasury’’; and 
(2) 
in 
section 
203(a)(1)(C) 
(12 
U.S.C. 
5383(a)(1)(C)), by striking ‘‘Director of the Federal 
Insurance Office’’ in each place it appears and in-
serting ‘‘United States Insurance Representative’’. 
(b) ECONOMIC GROWTH, REGULATORY RELIEF, AND 
CONSUMER PROTECTION ACT AMENDMENTS.—Section 
211(a) of the Economic Growth, Regulatory Relief, and 
Consumer Protection Act (31 U.S.C. 313 note) is amend-
ed— 
(1) in paragraph (1), by striking ‘‘the Secretary 
of the Treasury, Board of Governors of the Federal 
Reserve System, and Director of the Federal Insur-
ance Office’’ and inserting the following: ‘‘the Sec-
retary of the Treasury and the Board of Governors 
of the Federal Reserve System’’; and 
(2) in paragraph (2), by striking ‘‘the Secretary 
of the Treasury, the Board of Governors of the Fed-
eral Reserve System, and the Director of the Fed-
eral Insurance Office’’ each place that term occurs 
and inserting the following: ‘‘the Secretary of the 
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Treasury and the Board of Governors of the Federal 
Reserve System’’. 
SEC. 5. FINANCIAL STABILITY OVERSIGHT COUNCIL MEM-
BERSHIP. 
The Dodd-Frank Wall Street Reform and Consumer 
Protection Act (12 U.S.C. 5301 et seq.) is amended— 
(1) in section 111 (12 U.S.C. 5321)— 
(A) in subsection (b)— 
(i) in paragraph (1)— 
(I) in subparagraph (I), by strik-
ing ‘‘and’’ at the end; 
(II) in subparagraph (J), by 
striking the period at the end and in-
serting ‘‘; and’’; and 
(III) by adding at the end the 
following: 
‘‘(K) a State insurance commissioner ap-
pointed by the President, by and with the ad-
vice and consent of the Senate, as described in 
paragraph (4).’’; 
(ii) in paragraph (2)— 
(I) in subparagraph (B), to read 
as follows: 
‘‘(B) the United States Insurance Rep-
resentative;’’; 
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(II) by striking subparagraph 
(C); and 
(III) by redesignating subpara-
graphs (D) and (E) as subparagraphs 
(C) and (D), respectively; and 
(iii) by adding at the end the fol-
lowing: 
‘‘(4) APPOINTMENT OF STATE INSURANCE COM-
MISSIONER.— 
‘‘(A) IN
GENERAL.—Before making any 
appointments pursuant to paragraph (1)(K), 
the President shall request a list of rec-
ommended candidates from the States through 
the National Association of Insurance Commis-
sioners, which shall not be binding on the Presi-
dent. 
‘‘(B) FAILURE OF LIST SUBMISSION.—If 
the National Association of Insurance Commis-
sioners fails to submit a list of recommenda-
tions not later than 15 business days after the 
date of the request, the President may make 
the requisite appointment without considering 
the views of the National Association of Insur-
ance Commissioners.’’; and 
(B) in subsection (c)— 
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(i) in paragraph (1)— 
(I) by inserting ‘‘, the State in-
surance commissioner shall serve a 
term of 4 years’’ after ‘‘6 years’’; and 
(II) by striking ‘‘(C), (D), and 
(E)’’ and inserting ‘‘(C) and (D)’’; 
and 
(ii) by adding at the end the fol-
lowing: 
‘‘(5) ACTING STATE INSURANCE COMMISSIONER 
MAY SERVE.— 
‘‘(A) IN GENERAL.—Notwithstanding sec-
tion 3345 of title 5, United States Code, in the 
event of a vacancy of the State insurance com-
missioner of the Council or during the absence 
or disability of the State insurance commis-
sioner of the Council, an acting State insurance 
commissioner of the Council shall serve as a 
nonvoting member of the Council until a suc-
cessor is appointed and confirmed. 
‘‘(B) SELECTION OF ACTING STATE INSUR-
ANCE COMMISSIONER.—The acting State insur-
ance commissioner described in subparagraph 
(A) shall be selected through process deter-
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mined by the National Association of Insurance 
Commissioners. 
‘‘(6) TERM
OF
STATE
INSURANCE
COMMIS-
SIONER.—Notwithstanding paragraph (1), if a suc-
cessor to the State insurance commissioner of the 
Council is not appointed and confirmed by the end 
of the term of service of the commissioner, such 
member may continue to serve until the earlier of— 
‘‘(A) 18 months after the date on which 
the term of service ends; or 
‘‘(B) the date on which a successor to the 
commissioner is appointed and confirmed.’’, and 
(2) in section 112 (12 U.S.C. 5322)— 
(A) in subsection (a)(2)(A), by striking 
‘‘member agencies, other Federal and State fi-
nancial regulatory agencies, the Federal Insur-
ance Office’’ and inserting the following: ‘‘mem-
ber agencies and other Federal and State finan-
cial regulatory agencies’’; and 
(B) in subsection (d)— 
(i) in paragraph (1), in the matter 
preceding subparagraph (A), by striking 
‘‘the Office of Financial Research, member 
agencies, and the Federal Insurance Of-
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fice’’ and inserting ‘‘the Office of Financial 
Research and member agencies’’; and 
(ii) in paragraph (2), by striking ‘‘, 
any member agency, and the Federal In-
surance Office,’’ and inserting ‘‘and any 
member agency’’. 
Æ 
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