Assistant Secretary shall be a career reserved position in 
the Senior Executive Service. 
‘‘(c) FUNCTIONS.—The Deputy Assistant Secretary 
who is the head of the Office shall have the authority— 
‘‘(1) pursuant to the direction of the Sec-
retary— 
‘‘(A) to receive, analyze, collect, and dis-
seminate publicly available data and informa-
tion and issue reports regarding all lines of in-
surance except health insurance; and 
‘‘(B) to establish Federal policy on inter-
national insurance matters and ensure that 
State insurance laws are consistent with agree-
ments relating to such Federal policy entered 
into by the United States or on its behalf by a 
designated representative (including the Sec-
retary of the Treasury and the United States 
Trade Representative) with a foreign govern-
ment or regulatory entity; and 
‘‘(2) to advise the Secretary on major domestic 
and international insurance policy issues, including 
matters that affect consumers and insurers, such as 
bond insurance and other financial guarantee insur-
ance, private mortgage insurance, catastrophe insur-
ance, and reinsurance collateral requirements. 
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‘‘(d) SCOPE.—The authority of the Office and the 
Deputy Assistant Secretary with respect to insurance shall 
extend to all lines of insurance except health insurance. 
‘‘(e) PREEMPTION OF STATE LAW.— 
‘‘(1) STANDARD.—Any law or regulation of any 
State is preempted to the extent that such law or 
regulation is inconsistent with Federal policy on 
international insurance matters set forth in an 
agreement entered into by the United States or on 
its behalf by a designated representative (including 
the Secretary of the Treasury and the United States 
Trade Representative) with a foreign government or 
regulatory entity. 
‘‘(2) DETERMINATION.—Pursuant to the direc-
tion of the Secretary, the Deputy Assistant Sec-
retary is authorized to determine whether inconsist-
encies referred to in paragraph (1) exist and, in the 
case of any such determination, shall notify the ap-
propriate State of such determination. 
‘‘(3) ADMINISTRATIVE
REVIEW.—The State 
shall have the right to appeal any determination of 
inconsistency pursuant to paragraph (2) to the Sec-
retary. 
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‘‘(4) LIMITATION.—No State may enforce any 
insurance law or regulation that has been preempted 
pursuant to this subsection. 
‘‘(f) REPORTS TO CONGRESS.—The Deputy Assistant 
Secretary who is the head of the Office shall submit a re-
port during each Congress to the Committee on Financial 
Services of the House of Representatives and the Com-
mittee on Banking, Housing, and Urban Affairs of the 
Senate on the financial state of the insurance industry, 
meaningful trends in the industry, any actions taken by 
the Office pursuant to subsection (e) (regarding preemp-
tion of inconsistent State laws), and any other information 
as deemed relevant by the Deputy Assistant Secretary or 
as requested by such Committees. 
‘‘(g) USE
OF EXISTING RESOURCES.—The Office 
may employ personnel, facilities, and other Department of 
the Treasury resources available to the Secretary on the 
date of enactment of the Insurance Information Act of 
2008 in carrying out this section, except as otherwise pro-
hibited by law. 
‘‘(h) RETENTION OF EXISTING REGULATORY AU-
THORITY.—Except to the extent necessary to satisfy the 
requirements, obligations, and powers granted under this 
section and the Insurance Information Act of 2008, noth-
ing in this section may be construed to establish any gen-
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eral supervisory or regulatory authority of the Office or 
the Department of the Treasury over any insurer. 
‘‘(i) ADVISORY GROUP.— 
‘‘(1) ESTABLISHMENT.—There is hereby estab-
lished the Advisory Group to the Office of Insurance 
Information. 
‘‘(2) MEMBERSHIP.—The Advisory Group shall 
consist of no more than 9 members who shall be ap-
pointed by the Secretary, and shall include rep-
resentatives of the National Association of Insurance 
Commissioners, the Department of Commerce, and 
the Office of the United States Trade Representa-
tive, and such representatives of the insurance in-
dustry, consumer groups, and other organizations as 
the Secretary determines are appropriate. 
‘‘(3) DUTIES.—The Advisory Group shall make 
recommendations to the Secretary and the Deputy 
Assistant Secretary who is the head of the Office re-
garding the function of the Office under subsection 
(c)(1)(B) and determinations pursuant to subsection 
(e)(2). 
‘‘(j) AUTHORIZATION OF APPROPRIATIONS.—There 
are authorized to be appropriated for the Office such sums 
as may be necessary for each fiscal year.’’. 
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(c) INDEPENDENCE IN CONGRESSIONAL TESTIMONY 
AND RECOMMENDATIONS.—Section 111 of Public Law 
93–495 (12 U.S.C. 250) is amended by inserting ‘‘the 
Deputy Assistant Secretary of the Treasury who is the 
head of the Office of Insurance Information of the Depart-
ment of the Treasury,’’ after ‘‘Office of Thrift Super-
vision,’’. 
(d) 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. Office of Insurance Information. 
‘‘Sec. 314. Continuing in office.’’. 
Æ 
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