I 
115TH CONGRESS 
1ST SESSION H. R. 3762 
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 
SEPTEMBER 13, 2017 
Mr. DUFFY (for himself and Mr. HECK) 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 determined by 
the Speaker, in each case for consideration of such provisions as fall with-
in 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’’. 
SEC. 2. CONGRESSIONAL FINDINGS. 
The Congress finds the following: 
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(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 
oppose, any proposed agreement, including agreements or 
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proposed agreements for an international insurance stand-
ard, including proposals developed by the International 
Association of Insurance Supervisors (or a successor enti-
ty), that— 
(1) is inconsistent with and does not reflect ex-
isting Federal and State laws, regulations, and poli-
cies on regulation of insurance, including the pri-
macy of policyholder protection in solvency regula-
tion; and 
(2) would not recognize existing Federal and 
State laws, regulations, and policies on the regula-
tion of insurance 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’’. 
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 
insurance commissioners or, at the option of the State in-
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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; and 
(4) the impact on the competitiveness of United 
States insurers. 
(b) SUBMISSION AND LAYOVER PROVISIONS.—Par-
ties representing the Federal Government may not sign 
the final text or otherwise agree to, accept, or establish 
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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 
the House is not in session and to the Secretary of the 
Senate if the Senate is not in session. 
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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-
lution of the two Houses of the Congress, that is intro-
duced during the 60-day period beginning upon the sub-
mission to the Congress pursuant to section 5(b)(1) of the 
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agreement to which such resolution relates, and the matter 
after the resolving clause of which is as follows: ‘‘That 
the Congress does not approve the agreement transmitted 
to the Congress pursuant to section 5(b)(1) of the Inter-
national 
Insurance 
Standards 
Act 
of 
2017, 
on 
llllll.’’, the blank space being filled with the ap-
propriate date. 
(c) REFERENCE TO COMMITTEES.—All resolutions 
introduced in the House of Representatives shall be re-
ferred to the Committee on Financial Services and all res-
olutions introduced in the Senate shall be referred to the 
Committee on Banking, Housing, and Urban Affairs. 
(d) DISCHARGE OF COMMITTEES.— 
(1) IN GENERAL.—If the committee of either 
House to which a resolution has been referred has 
not reported it at the end of 30 days after its intro-
duction, not counting any day which is excluded 
under subsection (h), it is in order to move either to 
discharge the committee from further consideration 
of the resolution or to discharge the committee from 
further consideration of any other resolution intro-
duced with respect to the same matter, except that 
a motion to discharge— 
(A) may only be made on the second legis-
lative day after the calendar day on which the 
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Member making the motion announces to the 
House his intention to do so; and 
(B) is not in order after the committee has 
reported a resolution with respect to the same 
matter. 
(2) PRIVILEGE.—A motion to discharge under 
paragraph (1) may be made only by an individual fa-
voring the resolution, and is highly privileged in the 
House and privileged in the Senate; and debate 
thereon shall be limited to not more than 1 hour, the 
time to be divided in the House equally between 
those favoring and those opposing the resolution, 
and to be divided in the Senate equally between, and 
controlled by, the majority leader and the minority 
leader or their designees. An amendment to the mo-
tion is not in order, and it is not in order to move 
to reconsider the vote by which the motion is agreed 
to or disagreed to. 
(e) FLOOR CONSIDERATION IN THE HOUSE.— 
(1) IN GENERAL.—A motion in the House of 
Representatives to proceed to the consideration of a 
resolution shall be highly privileged and not debat-
able. An amendment to the motion shall not be in 
order, nor shall it be in order to move to reconsider 
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the vote by which the motion is agreed to or dis-
agreed to. 
(2) DEBATE; NO
RECONSIDERATION.—Debate 
in the House of Representatives on a resolution shall 
be limited to not more than 20 hours, which shall 
be divided equally between those favoring and those 
opposing the resolution. A motion further to limit 
debate shall not be debatable. No amendment to, or 
motion to recommit, the resolution shall be in order. 
It shall not be in order to move to reconsider the 
vote by which a resolution is agreed to or disagreed 
to. 
(3) CONSIDERATION OF OTHER MOTIONS.—Mo-
tions to postpone, made in the House of Representa-
tives with respect to the consideration of a resolu-
tion, and motions to proceed to the consideration of 
other business, shall be decided without debate. 
(4) APPEALS TO DECISIONS OF CHAIR.—All ap-
peals from the decisions of the Chair relating to the 
application of the Rules of the House of Representa-
tives to the procedure relating to a resolution shall 
be decided without debate. 
(5) APPLICABILITY OF RULES.—Except to the 
extent specifically provided in the preceding provi-
sions of this subsection, consideration of a resolution 
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in the House of Representatives shall be governed by 
the Rules of the House of Representatives applicable 
to other resolutions in similar circumstances. 
(f) FLOOR CONSIDERATION IN THE SENATE.— 
(1) MOTION TO PROCEED.—A motion in the 
Senate to proceed to the consideration of a resolu-
tion shall be privileged. An amendment to the mo-
tion 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. 
(2) 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 be-
tween, and controlled by, the majority leader and the 
minority leader or their designees. 
(3) 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 equally 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 ap-
peal, the time in opposition thereto, shall be con-
trolled by the minority leader or his designee. Such 
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leaders, or either of them, may, from time under 
their control on the passage of a resolution, allot ad-
ditional time to any Senator during the consider-
ation of any debatable motion or appeal. 
(4) MOTION TO LIMIT DEBATE.—A motion in 
the Senate to further limit debate on a resolution, 
debatable motion, or appeal is not debatable. No 
amendment to, or motion to recommit, a resolution 
is in order in the Senate. 
(g) PROCEDURES IN THE SENATE.— 
(1) PROCEDURES.—Except as otherwise pro-
vided in this section, the following procedures shall 
apply in the Senate to a resolution to which this sec-
tion applies: 
(A)(i) Except as provided in clause (ii), a 
resolution that has passed the House of Rep-
resentatives shall, when received in the Senate, 
be referred to the Committee on Banking, 
Housing, and Urban Affairs for consideration 
in accordance with this section. 
(ii) If a resolution to which this section ap-
plies was introduced in the Senate before re-
ceipt of a resolution that has passed the House 
of Representatives, the resolution from the 
House of Representatives shall, when received 
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in the Senate, be placed on the calendar. If this 
clause applies, the procedures in the Senate 
with respect to a resolution introduced in the 
Senate that contains the identical matter as the 
resolution that passed the House of Representa-
tives shall be the same as if no resolution had 
been received from the House of Representa-
tives, except that the vote on passage in the 
Senate shall be on the resolution that passed 
the House of Representatives. 
(B) If the Senate passes a resolution be-
fore receiving from the House of Representa-
tives a joint resolution that contains the iden-
tical matter, the joint resolution shall be held at 
the desk pending receipt of the joint resolution 
from the House of Representatives. Upon re-
ceipt of the joint resolution from the House of 
Representatives, such joint resolution shall be 
deemed to be read twice, considered, read the 
third time, and passed. 
(2) NON-IDENTICAL
RESOLUTIONS.—If the 
texts of joint resolutions described in this section 
concerning any matter are not identical— 
(A) the Senate shall vote passage on the 
resolution introduced in the Senate; and 
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(B) the text of the joint resolution passed 
by the Senate shall, immediately upon its pas-
sage (or, if later, upon receipt of the joint reso-
lution passed by the House), be substituted for 
the text of the joint resolution passed by the 
House of Representatives, and such resolution, 
as amended, shall be returned with a request 
for a conference between the two Houses. 
(3) CONSIDERATION OF VETO MESSAGE.—Con-
sideration in the Senate of any veto message with 
respect to a joint resolution described in subsection 
(b), including consideration of all debatable motions 
and appeals in connection therewith, shall be limited 
to 10 hours, to be equally divided between, and con-
trolled by, the majority leader and the minority lead-
er or their designees. 
(h) COMPUTATION
OF PERIOD.—For purposes of 
subsection (a)(1) of this section and subsection (b)(2) of 
section 5, the 90-day period referred to in such sub-
sections shall be computed by excluding— 
(1) the days on which either House is not in 
session because of an adjournment of more than 3 
days to a day certain or an adjournment of the Con-
gress sine die; and 
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(2) any Saturday and Sunday, not excluded 
under paragraph (1), when either House is not in 
session. 
(i) EXERCISE OF RULEMAKING POWER.—This sec-
tion is enacted by the Congress— 
(1) as an exercise of the rulemaking power of 
the House of Representatives and the Senate, re-
spectively, and as such they are deemed a part of 
the rules of each House, respectively, but applicable 
only with respect to the procedure to be followed in 
that House in the case of resolutions described in 
subsection (b); and they supersede other rules only 
to the extent that they are inconsistent therewith; 
and 
(2) with full recognition of the constitutional 
right of either House to change the rules (so far as 
relating to the procedure of that House) at any time, 
in the same manner and to the same extent as in 
the case of any other rule of that House. 
(j) RULE OF CONSTRUCTION.—This section, and any 
failure to enact a resolution under this section, shall not 
be construed to be an endorsement of or to establish or 
expand any authority to enter into or implement an agree-
ment described in section 3 that is not otherwise provided 
for under Federal law. 
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SEC. 7. COVERED AGREEMENTS. 
(a) PREEMPTION
OF
STATE
INSURANCE
MEAS-
URES.—Subsection (f) of section 313 of title 31, United 
States Code, is amended by striking ‘‘Director’’ each place 
such term appears and inserting ‘‘Secretary’’. 
(b) DEFINITION.—Paragraph (2) of section 313(r) of 
title 31, United States Code, is amended— 
(1) in subparagraph (A), by striking ‘‘and’’ at 
the end; 
(2) in subparagraph (B), by striking the period 
at the end and inserting a semicolon; and 
(3) by adding at the end the following new sub-
paragraphs: 
‘‘(C) does not include new prudential re-
quirements for United States insurers; and 
‘‘(D) applies only on a prospective basis.’’. 
(c) CONSULTATION; SUBMISSION
AND
LAYOVER; 
CONGRESSIONAL
REVIEW.—Section 314 of title 31, 
United States Code, is amended— 
(1) in subsection (b)— 
(A) in paragraph (1)— 
(i) by striking ‘‘and’’ after ‘‘House of 
Representatives’’ and inserting a comma; 
and 
(ii) by inserting after ‘‘Committee on 
Finance of the Senate’’ the following: ‘‘, 
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