International Insurance Standards Act of 2018

Bill: 115-hr-4537
Sponsor: Rep. Duffy, Sean P. [R-WI-7]
Introduced: 2017-12-04 in the House
Policy area: Finance and Financial Sector
Subjects: Congressional oversight
Insurance industry and regulation
Legislative rules and procedure
State and local government operations
Trade agreements and negotiations

Summary:
action_date: 2017-12-04
text: 

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.

action_date: 2018-07-03
text: 

International Insurance Standards Act of 2018

 
This bill prohibits parties representing the federal government in an international insurance agreement from agreeing to any standard unless it is consistent with the existing U.S. system of regulation. 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.

action_date: 2018-07-10
text: 

International Insurance Standards Act of 2018

 
(Sec. 3) This bill prohibits parties representing the federal government in an international insurance agreement from agreeing to any standard unless it recognizes the existing U.S. system of regulation as satisfying that standard. 
 
(Sec. 4) In developing international insurance standards, the parties must coordinate with state insurance regulators. 
 
(Sec. 5) Parties representing the United States in such proceedings must consult with and notify Congress regarding the intention to participate in the negotiations, the nature and objectives of the negotiations, and the details of the agreement.
 
(Sec. 6) Before entering into any agreement, the parties must report to Congress regarding the implementation and impact of the agreement. 
(Sec. 7) The bill amends the Federal Insurance Office Act of 2010 to modify requirements for an international agreement entered into by the Department of the Treasury's Federal Insurance Office. Such an agreement must only apply on a prospective basis. In developing an agreement, the parties must coordinate with state insurance regulators. Congress has the power to review and disapprove by joint resolution any agreement.


Legislative actions:
action_date: 2018-07-11
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
action_date: 2018-07-10
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2018-07-10
text: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H6007-6008)
action_date: 2018-07-10
text: Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.(text: CR H6007-6008)
action_date: 2018-07-10
text: DEBATE - The House proceeded with forty minutes of debate on H.R. 4537.
action_date: 2018-07-10
text: Considered under suspension of the rules. (consideration: CR H6007-6010)
action_date: 2018-07-10
text: Mr. Huizenga moved to suspend the rules and pass the bill, as amended.
action_date: 2018-07-03
text: Placed on the Union Calendar, Calendar No. 623.
action_date: 2018-07-03
text: Committee on Rules discharged.
action_date: 2018-07-03
text: Committee on Rules discharged.
action_date: 2018-07-03
text: Reported (Amended) by the Committee on Financial Services. H. Rept. 115-804, Part I.
action_date: 2018-07-03
text: Reported (Amended) by the Committee on Financial Services. H. Rept. 115-804, Part I.
action_date: 2017-12-13
text: Ordered to be Reported (Amended) by the Yeas and Nays: 56 - 4.
action_date: 2017-12-13
text: Committee Consideration and Mark-up Session Held.
action_date: 2017-12-12
text: Committee Consideration and Mark-up Session Held.
action_date: 2017-12-04
text: 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.
action_date: 2017-12-04
text: 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.
action_date: 2017-12-04
text: Introduced in House
action_date: 2017-12-04
text: Introduced in House