latory framework, the Comptroller General shall 
submit to the President and the covered con-
gressional committees an assessment of the eco-
nomic effects of such framework on the United 
States insurance industry, consumers of insur-
ance, and the United States economy. 
(h) PUBLIC CONSULTATION.— 
(1) NOTICE OF NEGOTIATIONS.—Not later than 
90 days before the United States intends to partici-
pate in or enter into negotiations to agree to, accept, 
or establish an international insurance regulatory 
framework with an international standard-setting or-
ganization or a foreign government, authority, or 
regulatory entity, the President shall publish in the 
Federal Register and make available for public com-
ment written notice of the intention of the United 
States to participate in or enter into such negotia-
tions and an outline of the objectives of such nego-
tiations, including whether and how such objectives 
achieve the objectives set forth in subsection (b) and 
are consistent with the prohibitions under subsection 
(c) and with existing Federal and State laws or reg-
ulations or policy related to prudential regulation of 
insurance. 
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(2) DESCRIPTION OF FRAMEWORK.—Not later 
than 60 days before the date on which the United 
States agrees to, accepts, or establishes an inter-
national insurance regulatory framework with an 
international standard-setting organization or a for-
eign government, authority, or regulatory entity, the 
President shall publish in the Federal Register a de-
scription of the framework in enough detail to make 
such framework available for public comment. 
(3) FRAMEWORK AGREEMENT.—Not later than 
15 days before agreeing to, accepting, or estab-
lishing an international insurance regulatory frame-
work, publish in the Federal Register the final text 
of the framework and a description of how the 
framework achieves the objectives set forth in sub-
section (b) and is consistent with the prohibitions 
under subsection and how such proposed framework 
differs from existing Federal and State laws or regu-
lations or policy related to prudential regulation of 
insurance. 
(i) SAVINGS PROVISIONS.—Nothing in this section 
shall— 
(1) preempt— 
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(A) any State insurance measure that gov-
erns any insurer’s rates, premiums, under-
writing, or sales practices; 
(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; 
(2) be construed to alter, amend, or limit any 
provision of the Consumer Financial Protection Act 
of 2010 (12 U.S.C. 5481 et seq.); or 
(3) affect the preemption of any State insur-
ance measure otherwise inconsistent with and pre-
empted by Federal law. 
(j) EXCLUSION.—The requirements of this section 
shall not apply to any covered agreement, as such term 
is defined in section 313(r) of title 31, United States Code 
(as added by the amendment made by section 502(a)(3) 
the Dodd-Frank Wall Street Reform and Consumer Pro-
tection Act (Public Law 111–203, 124 Stat. 1587)). 
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(k) DEFINITIONS.—In this section: 
(1) COVERED CONGRESSIONAL COMMITTEES.— 
The term ‘‘covered congressional committees’’ means 
the Committee on Financial Services of the House of 
Representatives and the Committee on Banking, 
Housing and Urban Affairs of the Senate. 
(2) INTERNATIONAL INSURANCE REGULATORY 
FRAMEWORK.—The term ‘‘international insurance 
regulatory framework’’ means any international su-
pervisory standards developed by an international 
standards setting organization in which the United 
States participates, including the Common Frame-
work for the Supervision of Internationally Active 
Insurance Groups, that provides for group-wide su-
pervision of internationally active insurance groups 
and includes an insurance capital standard. 
Æ 
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