Federal Insurance Office Reform Act of 2018

Bill: 115-hr-3861
Sponsor: full_name: Rep. Duffy, Sean P. [R-WI-7]
Introduced: 2017-09-28
Policy area: Finance and Financial Sector
Subjects: Department of the Treasury

Executive agency funding and structure

Government employee pay, benefits, personnel management

Government studies and investigations

Insurance industry and regulation
Latest action: action_date: 2018-11-02
text: Placed on the Union Calendar, Calendar No. 789.

Summaries:
action_date: 2017-09-28
action_desc: Introduced in House
text: <p><b>Federal Insurance Office Reform Act of 2017</b></p> <p>This bill amends the Federal Insurance Office Act of 2010 to modify the Department of the Treasury's Federal Insurance Office (FIO). </p> <p>FIO is moved to Treasury's Office of International Affairs.</p> <p>FIO's function of advising Treasury on domestic insurance issues is eliminated.</p> <p>The bill removes FIO from the Financial Stability Oversight Council.</p> <p>FIO's subpoena and enforcement powers regarding information gathering are terminated.</p> <p>The number of personnel employed by FIO is limited to five.</p>

tv_txt: I 115th CONGRESS 1st Session H. R. 3861 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.

1. Short title This Act may be cited as the Federal Insurance Office Reform Act of 2017 . 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) .

tv_txt: IB Union Calendar No. 789 115th CONGRESS 2d Session H. R. 3861 [Report No. 115–1008] 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 November 2, 2018 Additional sponsors: Mr. Poliquin , Mr. Budd , Ms. Tenney , Mr. Rothfus , Mr. Zeldin , Mr. Williams , Mr. Hultgren , Mr. Ross , Mr. Emmer , Mr. Graves of Missouri , Mr. Walberg , Mr. Moolenaar , Mr. Cuellar , Mr. Latta , Mr. Renacci , Mr. Young of Iowa , Mr. Barletta , Mr. Smucker , Mrs. Noem , and Mr. Brat November 2, 2018 Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed Strike out all after the enacting clause and insert the part printed in italic For text of introduced bill, see copy of bill as introduced on September 28, 2017 A BILL To reform the Federal Insurance Office of the Department of the Treasury, and for other purposes.

1. Short title This Act may be cited as the Federal Insurance Office Reform Act of 2018 . 2. Reform of Federal Insurance Office (a) In general Section 313 of title 31, United States Code, is amended as follows: (1) Leadership In the first sentence of subsection (b), by inserting before the period at the end the following: after consultation with State insurance commissioners . (2) Functions In subsection (c)(1)— (A) in subparagraph (E), by striking to coordinate and all that follows through United States and inserting the following: to coordinate Federal efforts, and to coordinate with the States, in developing Federal policy on prudential aspects of international insurance matters, including representing the Federal Government ; (B) in subparagraph (F), by striking to determine and inserting to assist the Secretary in determining ; and (C) by striking subparagraph (G) and inserting the following: (G) to consult and work toward consensus with the States (including State insurance regulators) on matters of international importance; and . (3) 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). (4) Preemption of State insurance measures In subsection (f), by striking Director each place such term appears and inserting Secretary . (5) 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 seek to 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 . (6) 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 . (7) Repeal of certain reports requirements By striking subsections (o) and (p) and redesignating subsections (q) through (s) as subsections (o) through (q), respectively. (8) Definition In subsection (p)(2), as so redesignated by paragraph (7)— (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. . (b) Conforming amendment Subparagraph (E) of section 313(c)(1) of title 31, United States Code, is amended by striking subsection (r) and inserting subsection (p) . 3. Treatment of Terrorism Risk Insurance Act This Act and the amendments made by this Act may not be construed to affect any responsibilities, duties, or authorities of the Secretary of the Treasury under the Terrorism Risk Insurance Act of 2002 ( 15 U.S.C. 6701 note).

November 2, 2018 Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed