Title: International Insurance Standards Act of 2018
Policy area: Finance and Financial Sector

Summary:
International Insurance Standards Act of 2017
This bill prohibits parties representing the federal government in an international insurance agreement from agreeing to any standard unless it is consistent with existing federal and state laws. The parties must coordinate with state insurance regulators. Congress has the power to review and disapprove by joint resolution any such agreement.
The bill amends the Federal Insurance Office Act of 2010 to modify requirements for a covered international agreement entered into by the Department of the Treasury's Federal Insurance Office. Such an agreement must only apply on a prospective basis. Congress has the power to review and disapprove by joint resolution any covered agreement.

[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4537 Introduced in House (IH)]

<DOC>






115th CONGRESS
  1st Session
                                H. R. 4537

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.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            December 4, 2017

Mr. Duffy (for himself, Mr. Heck, Mr. Sherman, Mr. Ross, Mr. Budd, Mr. 
 Capuano, Mr. Rothfus, and Ms. Tenney) 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 within 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 Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``International Insurance Standards 
Act of 2017''.

SEC. 2. CONGRESSIONAL FINDINGS.

    The Congress finds the following:
            (1) The State-based system for insurance regulation in the 
        United States has served American consumers well for more than 
        150 years and has fostered an open and competitive marketplace 
        with a diversity of insurance products to the benefit of 
        policyholders and consumers.
            (2) Protecting policyholders by regulating to ensure 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 prudential regulation and emerging 
        international standards.
            (3) The Dodd-Frank Wall Street Reform and Consumer 
        Protection Act (Public Law 111-203) reaffirmed the State-based 
        insurance regulatory system.

SEC. 3. REQUIREMENT THAT INSURANCE STANDARDS REFLECT UNITED STATES 
              POLICY.

    (a) Requirement.--Parties representing the Federal Government in 
any international regulatory, standard-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 or standard, including proposals developed by the 
International Association of Insurance Supervisors (or a successor 
entity), unless such proposed agreement or standard--
            (1) is consistent with and reflective of existing Federal 
        and State laws, regulations, and policies on regulation of 
        insurance, including the primacy of policyholder protection in 
        solvency regulation; and
            (2) recognizes existing Federal and State laws, 
        regulations, and policies on the regulation 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''.
    (c) Negotiations.--Nothing in this section shall be construed to 
prevent participation in negotiations of any proposed agreement or 
standard.

SEC. 4. STATE INSURANCE REGULATOR INVOLVEMENT IN INTERNATIONAL STANDARD 
              SETTING.

    In developing international insurance standards pursuant to section 
3, and throughout the negotiations of such standards, parties 
representing the Federal Government shall, on matters related to 
insurance, closely consult, coordinate with and include in such 
meetings, State insurance commissioners or, at the option of the State 
insurance commissioners, designees of the insurance commissioners 
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 Financial Services of the House of Representatives and the 
Committee on Banking, Housing, and Urban Affairs of the Senate, and any 
other relevant committees of jurisdiction, regarding--
            (1) the intention of the United States to participate or 
        enter into such negotiations;
            (2) the nature and objectives of the negotiations;
            (3) the implementation of the agreement, including how it 
        is consistent with and does not materially differ from or 
        otherwise affect Federal or State laws or regulations;
            (4) the impact on the competitiveness of United States 
        insurers; and
            (5) the impact on United States consumers.
    (b) Submission and Layover Provisions.--Parties representing the 
Federal Government may not sign the final text or otherwise agree to, 
accept, or establish an agreement under section 3 that would not have 
the force and effect of law before--
            (1) such parties submit to the committees specified 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 beginning 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 resolution 
                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.

SEC. 6. CONGRESSIONAL REVIEW.

    (a) Disapproval.--
            (1) In general.--In the case of any agreement under section 
        3 that would not have the force and effect of law, the United 
        States shall not be considered a party to such agreement if, 
        before the expiration of the 90-day period beginning on the day 
        that the final legal text of the agreement is submitted to the 
        Congress pursuant to section 5(b)(1), a joint resolution 
        described in subsection (b) is enacted into law.
            (2) Veto.--If the President vetoes the joint resolution, 
        the joint resolution shall be treated as enacted 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 (excluding 
                any day described in subsection (h)) beginning 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 resolution of the two Houses of the 
Congress, that is introduced during the 60-day period beginning upon 
the submission to the Congress pursuant to section 5(b)(1) of the 
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 International Insurance Standards Act of 2017, on 
______.'', the blank space being filled with the appropriate date.
    (c) Reference to Committees.--All resolutions introduced in the 
House of Representatives shall be referred to the Committee on 
Financial Services and all resolutions 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 introduction, 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 introduced with respect 
        to the same matter, except that a motion to discharge--
                    (A) may only be made on the second legislative day 
                after the calendar day on which the 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 favoring 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 motion 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 debatable. An amendment to the motion 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; 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.--Motions to postpone, 
        made in the House of Representatives with respect to the 
        consideration of a resolution, and motions to proceed to the 
        consideration of other business, shall be decided without 
        debate.
            (4) Appeals to decisions of chair.--All appeals from the 
        decisions of the Chair relating to the application of the Rules 
        of the House of Representatives 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 provisions of this 
        subsection, consideration of a resolution 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 resolution shall be privileged. An 
        amendment to the motion 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 between, 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 appeal, the time 
        in opposition thereto, shall be controlled by the minority 
        leader or his designee. Such leaders, or either of them, may, 
        from time under their control on the passage of a resolution, 
        allot additional time to any Senator during the consideration 
        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 provided in this 
        section, the following procedures shall apply in the Senate to 
        a resolution to which this section applies:
                    (A)(i) Except as provided in clause (ii), a 
                resolution that has passed the House of Representatives 
                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 applies 
                was introduced in the Senate before receipt of a 
                resolution that has passed the House of 
                Representatives, the resolution from the House of 
                Representatives shall, when received 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 
                Representatives shall be the same as if no resolution 
                had been received from the House of Representatives, 
                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 before 
                receiving from the House of Representatives a joint 
                resolution that contains the identical matter, the 
                joint resolution shall be held at the desk pending 
                receipt of the joint resolution from the House of 
                Representatives. Upon receipt 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
                    (B) the text of the joint resolution passed by the 
                Senate shall, immediately upon its passage (or, if 
                later, upon receipt of the joint resolution 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.--Consideration 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 
        controlled by, the majority leader and the minority leader 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 subsections 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 Congress sine die; and
            (2) any Saturday and Sunday, not excluded under paragraph 
        (1), when either House is not in session.
    (i) Exercise of Rulemaking Power.--This section is enacted by the 
Congress--
            (1) as an exercise of the rulemaking power of the House of 
        Representatives and the Senate, respectively, 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 agreement described in section 3 that is not otherwise 
provided for under Federal law.

SEC. 7. COVERED AGREEMENTS.

    (a) Preemption of State Insurance Measures.--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 ``; and''; and
            (3) by adding at the end the following new subparagraph:
                    ``(C) 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 (2)(C), by striking ``laws'' and 
                inserting the following: ``and Federal law, and the 
                nature of any changes in the laws of the United States 
                or the administration of such laws that would be 
                required to carry out a covered agreement''; and
                    (B) by adding at the end the following new 
                paragraph:
            ``(3) Access to negotiating texts and other documents.--
        Congressional Committees and staff with proper security 
        clearances shall be given access to United States negotiating 
        proposals, consolidated draft texts, and other pertinent 
        documents related to the negotiations, including classified 
        materials.'';
            (2) in subsection (c)--
                    (A) in the matter preceding paragraph (1), by 
                striking ``only if--'' and inserting the following: 
                ``only if, before signing the final legal text or 
                otherwise entering into the agreement--'';
                    (B) in paragraph (1), by striking ``congressional 
                committees specified in subsection (b)(1)'' and 
                inserting ``congressional committees and to staff with 
                proper security clearances''; and
                    (C) by striking paragraph (2) and inserting the 
                following new paragraph:
            ``(2)(A) the 90-day period beginning on the date on which 
        the copy of the final legal text of the agreement is submitted 
        under paragraph (1) to the congressional committees and staff 
        has expired; and
            ``(B) if the President has vetoed a joint resolution 
        described in subsection (d)(2) relating to the agreement, the 
        15-day period described in subsection (d)(1)(B)(ii) has 
        expired.''; and
            (3) by adding at the end the following new subsections:
    ``(d) Congressional Review.--
            ``(1) Disapproval.--
                    ``(A) In general.--A covered agreement shall have 
                no force and effect in the United States if, before the 
                expiration of the 90-day period beginning on the day 
                that the final legal text of the agreement is submitted 
                to the Congress pursuant to subsection (c), a joint 
                resolution described in paragraph (2) is enacted into 
                law.
                    ``(B) Veto.--If the President vetoes the joint 
                resolution, the joint resolution shall be treated as 
                enacted into law before the end of the 90-day period 
                under subparagraph (A) if both Houses of Congress vote 
                to override such veto on or before the later of--
                            ``(i) the last day of such 90-day period; 
                        or
                            ``(ii) the last day of the 15-day period 
                        (excluding any day described in paragraph (8)) 
                        beginning on the date the Congress receives the 
                        veto message from the President.
            ``(2) Contents of resolutions.--For purposes of this 
        subsection, the term `resolution' means only a joint resolution 
        of the two Houses of the Congress, that is introduced during 
        the 60-day period beginning upon the submission to the Congress 
        pursuant to subsection (c) of the covered 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 covered agreement transmitted to the Congress 
        pursuant to section 314(c) of title 31, United States Code, on 
        ______.', the blank space being filled with the appropriate 
        date.
            ``(3) Reference to committees.--All resolutions introduced 
        in the House of Representatives shall be referred to the 
        Committee on Financial Services and all resolutions introduced 
        in the Senate shall be referred to the Committee on Banking 
        Housing and Urban Affairs.
            ``(4) Discharge of committees.--
                    ``(A) 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 
                introduction, not counting any day which is excluded 
                under paragraph (8), 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 
                introduced with respect to the same matter, except that 
                a motion to discharge--
                            ``(i) may only be made on the second 
                        legislative day after the calendar day on which 
                        the Member making the motion announces to the 
                        House his intention to do so; and
                            ``(ii) is not in order after the committee 
                        has reported a resolution with respect to the 
                        same matter.
                    ``(B) Privilege.--A motion to discharge under 
                subparagraph (A) may be made only by an individual 
                favoring 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 motion 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.
            ``(5) Floor consideration in the house.--
                    ``(A) In general.--A motion in the House of 
                Representatives to proceed to the consideration of a 
                resolution shall be highly privileged and not 
                debatable. An amendment to the motion 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.
                    ``(B) 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.
                    ``(C) Consideration of other motions.--Motions to 
                postpone, made in the House of Representatives with 
                respect to the consideration of a resolution, and 
                motions to proceed to the consideration of other 
                business, shall be decided without debate.
                    ``(D) Appeals to decisions of chair.--All appeals 
                from the decisions of the Chair relating to the 
                application of the Rules of the House of 
                Representatives to the procedure relating to a 
                resolution shall be decided without debate.
                    ``(E) Applicability of rules.--Except to the extent 
                specifically provided in the preceding provisions of 
                this paragraph, consideration of a resolution in the 
                House of Representatives shall be governed by the Rules 
                of the House of Representatives applicable to other 
                resolutions in similar circumstances.
            ``(6) Floor consideration in the senate.--
                    ``(A) Motion to proceed.--A motion in the Senate to 
                proceed to the consideration of a resolution shall be 
                privileged. An amendment to the motion 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.
                    ``(B) 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 between, and 
                controlled by, the majority leader and the minority 
                leader or their designees.
                    ``(C) 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 appeal, the time in 
                opposition thereto, shall be controlled by the minority 
                leader or his designee. Such leaders, or either of 
                them, may, from time under their control on the passage 
                of a resolution, allot additional time to any Senator 
                during the consideration of any debatable motion or 
                appeal.
                    ``(D) 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.
            ``(7) Procedures in the senate.--
                    ``(A) Procedures.--Except as otherwise provided in 
                this section, the following procedures shall apply in 
                the Senate to a resolution to which this subsection 
                applies:
                            ``(i)(I) Except as provided in subclause 
                        (II), a resolution that has passed the House of 
                        Representatives shall, when received in the 
                        Senate, be referred to the Committee on 
                        Banking, Housing, and Urban Affairs for 
                        consideration in accordance with this 
                        subsection.
                            ``(II) If a resolution to which this 
                        subsection applies was introduced in the Senate 
                        before receipt of a resolution that has passed 
                        the House of Representatives, the resolution 
                        from the House of Representatives shall, when 
                        received in the Senate, be placed on the 
                        calendar. If this subclause 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 Representatives shall 
                        be the same as if no resolution had been 
                        received from the House of Representatives, 
                        except that the vote on passage in the Senate 
                        shall be on the resolution that passed the 
                        House of Representatives.
                            ``(ii) If the Senate passes a resolution 
                        before receiving from the House of 
                        Representatives a joint resolution that 
                        contains the identical matter, the joint 
                        resolution shall be held at the desk pending 
                        receipt of the joint resolution from the House 
                        of Representatives. Upon receipt 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.
                    ``(B) Non-identical resolutions.--If the texts of 
                joint resolutions described in this subsection 
                concerning any matter are not identical--
                            ``(i) the Senate shall vote passage on the 
                        resolution introduced in the Senate; and
                            ``(ii) the text of the joint resolution 
                        passed by the Senate shall, immediately upon 
                        its passage (or, if later, upon receipt of the 
                        joint resolution 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.
                    ``(C) Consideration of veto message.--Consideration 
                in the Senate of any veto message with respect to a 
                joint resolution described in paragraph (2), including 
                consideration of all debatable motions and appeals in 
                connection therewith, shall be limited to 10 hours, to 
                be equally divided between, and controlled by, the 
                majority leader and the minority leader or their 
                designees.
            ``(8) Computation of period.--For purposes of paragraph 
        (1)(A) of this subsection and paragraph (2)(A) of subsection 
        (c), the 90-day period referred to in such paragraph shall be 
        computed by excluding--
                    ``(A) 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 Congress sine 
                die; and
                    ``(B) any Saturday and Sunday, not excluded under 
                subparagraph (A), when either House is not in session.
            ``(9) Exercise of rulemaking power.--This subsection is 
        enacted by the Congress--
                    ``(A) as an exercise of the rulemaking power of the 
                House of Representatives and the Senate, respectively, 
                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 paragraph (2); and 
                they supersede other rules only to the extent that they 
                are inconsistent therewith; and
                    ``(B) 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.
    ``(e) Requirements for Consultations.--Throughout the negotiations 
of a covered agreement, parties representing the Federal Government 
shall--
            ``(1) closely consult and coordinate with, and include in 
        such meetings, State insurance commissioners or, at the option 
        of the State insurance commissioners, designees of the 
        insurance commissioners acting at their direction; and
            ``(2) closely consult with State and local governments, 
        consumer organizations, and representatives of the insurance 
        industry and policyholders''.
                                 <all>