IB 
Union Calendar No. 789 
115TH CONGRESS 
2D SESSION 
H. R. 3861 
[Report No. 115–1008] 
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 
NOVEMBER 2, 2018 
Additional sponsors: Mr. POLIQUIN, Mr. BUDD, Ms. TENNEY, Mr. ROTHFUS, 
Mr. ZELDIN, Mr. WILLIAMS, Mr. HULTGREN, Mr. ROSS, Mr. EMMER, 
Mr. GRAVES
of Missouri, Mr. WALBERG, Mr. MOOLENAAR, Mr. 
CUELLAR, Mr. LATTA, Mr. RENACCI, Mr. YOUNG
of Iowa, Mr. 
BARLETTA, Mr. SMUCKER, Mrs. NOEM, and Mr. BRAT 
NOVEMBER 2, 2018 
Reported with an amendment, committed to the Committee of the Whole 
House on the State of the Union, and ordered to be printed 
[Strike out all after the enacting clause and insert the part printed in italic] 
[For text of introduced bill, see copy of bill as introduced on September 28, 2017] 
VerDate Sep 11 2014 
21:33 Nov 02, 2018
Jkt 089200
PO 00000
Frm 00001
Fmt 6652
Sfmt 6652
E:\BILLS\H3861.RH
H3861
pbinns on DSK79D2C42PROD with BILLS
A BILL 
To reform the Federal Insurance Office of the Department 
of the Treasury, and for other purposes. 
VerDate Sep 11 2014 
21:33 Nov 02, 2018
Jkt 089200
PO 00000
Frm 00002
Fmt 6652
Sfmt 6652
E:\BILLS\H3861.RH
H3861
pbinns on DSK79D2C42PROD with BILLS
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 Office 
Reform Act of 2018’’. 
SEC. 2. REFORM OF FEDERAL INSURANCE OFFICE. 
(a) IN GENERAL.—Section 313 of title 31, United 
States Code, is amended as follows: 
(1) 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’’. 
(2) FUNCTIONS.—In subsection (c)(1)— 
(A) in subparagraph (E), by striking ‘‘to 
coordinate’’ and all that follows through ‘‘United 
States’’ and inserting the following: ‘‘to coordi-
nate Federal efforts, and to coordinate with the 
States, in developing Federal policy on pruden-
tial aspects of international insurance matters, 
including representing the Federal Government’’; 
(B) in subparagraph (F), by striking ‘‘to 
determine’’ and inserting ‘‘to assist the Secretary 
in determining’’; and 
(C) by striking subparagraph (G) and in-
serting the following: 
VerDate Sep 11 2014 
21:33 Nov 02, 2018
Jkt 089200
PO 00000
Frm 00003
Fmt 6652
Sfmt 6203
E:\BILLS\H3861.RH
H3861
pbinns on DSK79D2C42PROD with BILLS
‘‘(G) to consult and work toward consensus 
with the States (including State insurance regu-
lators) on matters of international importance; 
and’’. 
(3) GATHERING OF INFORMATION.—In subsection 
(e)— 
(A) in paragraph (1)— 
(i) in the matter preceding subpara-
graph (A), by striking ‘‘may—’’ and insert-
ing ‘‘may enter into information-sharing 
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). 
(4) PREEMPTION OF STATE INSURANCE MEAS-
URES.—In subsection (f), by striking ‘‘Director’’ each 
place such term appears and inserting ‘‘Secretary’’. 
(5) CONSULTATION.—In subsection (i)— 
(A) by striking ‘‘to the extent the Director 
determines appropriate,’’; and 
(B) by inserting before the period at the end 
the following: ‘‘and shall seek to include in such 
VerDate Sep 11 2014 
21:33 Nov 02, 2018
Jkt 089200
PO 00000
Frm 00004
Fmt 6652
Sfmt 6203
E:\BILLS\H3861.RH
H3861
pbinns on DSK79D2C42PROD with BILLS
meetings, State insurance commissioners, or at 
the option of the State insurance commissioners, 
designees acting at the direction of the State in-
surance commissioners, throughout the negotia-
tions of a covered agreement’’. 
(6) RETENTION
OF
EXISTING
STATE
REGU-
LATORY AUTHORITY.—In subsection (k), by inserting 
before the period at the end the following: ‘‘or with the 
authority to participate in a supervisory college or 
similar regulatory process’’. 
(7) REPEAL
OF
CERTAIN
REPORTS
REQUIRE-
MENTS.—By striking subsections (o) and (p) and re-
designating subsections (q) through (s) as subsections 
(o) through (q), respectively. 
(8) DEFINITION.—In subsection (p)(2), as so re-
designated by paragraph (7)— 
(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 
(C) by adding at the end the following new 
subparagraph: 
‘‘(C) does not include new prudential re-
quirements for United States insurers.’’. 
VerDate Sep 11 2014 
21:33 Nov 02, 2018
Jkt 089200
PO 00000
Frm 00005
Fmt 6652
Sfmt 6203
E:\BILLS\H3861.RH
H3861
pbinns on DSK79D2C42PROD with BILLS
(b) CONFORMING AMENDMENT.—Subparagraph (E) of 
section 313(c)(1) of title 31, United States Code, is amended 
by striking ‘‘subsection (r)’’ and inserting ‘‘subsection (p)’’. 
SEC. 3. TREATMENT OF TERRORISM RISK INSURANCE ACT. 
This Act and the amendments made by this Act may 
not be construed to affect any responsibilities, duties, or au-
thorities of the Secretary of the Treasury under the Ter-
rorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note). 
VerDate Sep 11 2014 
21:33 Nov 02, 2018
Jkt 089200
PO 00000
Frm 00006
Fmt 6652
Sfmt 6203
E:\BILLS\H3861.RH
H3861
pbinns on DSK79D2C42PROD with BILLS
VerDate Sep 11 2014 
21:33 Nov 02, 2018
Jkt 089200
PO 00000
Frm 00007
Fmt 6652
Sfmt 6203
E:\BILLS\H3861.RH
H3861
pbinns on DSK79D2C42PROD with BILLS
Union Calendar No. 789 
115TH CONGRESS 
2D SESSION 
H. R. 3861 
[Report No. 115–1008] 
A BILL 
To reform the Federal Insurance Office of the De-
partment of the Treasury, and for other pur-
poses. 
NOVEMBER 2, 2018 
Reported with an amendment, committed to the Com-
mittee of the Whole House on the State of the Union, 
and ordered to be printed 
VerDate Sep 11 2014 
21:33 Nov 02, 2018
Jkt 089200
PO 00000
Frm 00008
Fmt 6651
Sfmt 6651
E:\BILLS\H3861.RH
H3861
pbinns on DSK79D2C42PROD with BILLS