Title: Federal Insurance Office Reform Act of 2018
Policy area: Finance and Financial Sector

Summary:
Federal Insurance Office Reform Act of 2017
This bill amends the Federal Insurance Office Act of 2010 to modify the Department of the Treasury's Federal Insurance Office (FIO).
FIO is moved to Treasury's Office of International Affairs.
FIO's function of advising Treasury on domestic insurance issues is eliminated.
The bill removes FIO from the Financial Stability Oversight Council.
FIO's subpoena and enforcement powers regarding information gathering are terminated.
The number of personnel employed by FIO is limited to five.

[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3861 Introduced in House (IH)]

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115th CONGRESS
  1st Session
                                H. R. 3861

    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

_______________________________________________________________________

                                 A BILL


 
    To reform the Federal Insurance Office of the Department of the 
                   Treasury, 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 ``Federal Insurance Office Reform Act 
of 2017''.

SEC. 2. REFORM OF FEDERAL INSURANCE OFFICE.

    (a) In General.--Section 313 of title 31, United States Code, is 
amended as follows:
            (1) Establishment.--In subsection (a), by inserting before 
        the period at the end the following: ``, which shall be within 
        the Office of International Affairs''.
            (2) Leadership.--In the first sentence of subsection (b), 
        by inserting before the period at the end the following: 
        ``after consultation with State insurance commissioners''.
            (3) Functions.--In subsection (c)--
                    (A) in paragraph (1)--
                            (i) by striking subparagraph (H);
                            (ii) in subparagraph (E), by striking 
                        ``Federal efforts'' and all that follows 
                        through ``United States'' and inserting the 
                        following: ``Federal international insurance 
                        policy among Federal agencies and achieve 
                        consensus with the States, including 
                        representing the Department of the Treasury'';
                            (iii) in subparagraph (F)--
                                    (I) by striking ``to determine'' 
                                and inserting ``to assist the Secretary 
                                in determining''; and
                                    (II) by inserting ``and'' after the 
                                semicolon at the end; and
                            (iv) by striking subparagraph (G) and 
                        inserting the following:
                    ``(G) to consult and reach consensus with the 
                States (including State insurance regulators) on 
                matters of international importance.'';
                    (B) in paragraph (2), by striking ``major domestic 
                and''; and
                    (C) by striking paragraph (3).
            (4) Gathering of information.--In subsection (e)--
                    (A) in paragraph (1)--
                            (i) in the matter preceding subparagraph 
                        (A), by striking ``may--'' and inserting ``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).
            (5) Preemption of state insurance measures.--In subsection 
        (f), by striking ``Director'' each place such term appears and 
        inserting ``Secretary''.
            (6) 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 include in such meetings, State 
                insurance commissioners, or at the option of the State 
                insurance commissioners, designees acting at the 
                direction of the State insurance commissioners, 
                throughout the negotiations of a covered agreement''.
            (7) Retention of existing state regulatory 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''.
            (8) Repeal of certain reports requirements.--By striking 
        subsections (o) and (p) and redesignating subsections (q) 
        through (s) as subsections (o) through (q), respectively.
            (9) Definition.--In subsection (p)(2), as so redesignated 
        by paragraph (8)--
                    (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 requirements 
                for United States insurers.''.
            (10) Use of existing resources.--In subsection (o), as so 
        redesignated by paragraph (8) of this section--
                    (A) by inserting ``not more than 5'' after ``shall 
                dedicate''; and
                    (B) by inserting ``, excluding the Director,'' 
                after ``specific personnel''.
    (b) Conforming Amendment.--Subparagraph (C) of section 313(c)(1) of 
title 31, United States Code, as so redesignated by subsection 
(a)(2)(A)(vi) of this section, is amended by striking ``subsection 
(r)'' and inserting ``subsection (p)''.
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