Detailed Instructions: In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
Q: SECTION 1. SHORT TITLE.

This Act may be cited as the ''International Insurance Capital
Standards Accountability Act of 2015''.

SEC. 2. FINDINGS.

Congress finds that--
(1) the Secretary of the Treasury, Board of Governors of
the Federal Reserve System, and Director of the Federal
Insurance Office shall support increasing transparency at any
global insurance or international standard-setting regulatory
or supervisory forum in which they participate, including
supporting and advocating for greater public observer access to
working groups and committee meetings of the International
Association of Insurance Supervisors; and
(2) to the extent that the Secretary of the Treasury, Board
of Governors of the Federal Reserve System, and Director of the
Federal Insurance Office take a position or reasonably intend
to take a position on an insurance proposal by a global
insurance regulatory or supervisory forum, the Secretary of the
Treasury, Board of Governors of the Federal Reserve System, and
Director of the Federal Insurance Office shall achieve
consensus positions with State insurance regulators through the
National Association of Insurance Commissioners, when they are
United States participants in negotiations on insurance issues
before the International Association of Insurance Supervisors,
Financial Stability Board, or any other international forum of
financial regulators or supervisors that considers such issues.

SEC. 3. INSURANCE POLICY ADVISORY COMMITTEE.

(a) Establishment.--There is established the Insurance Policy
Advisory Committee on International Capital Standards and Other
Insurance Issues at the Board of Governors of the Federal Reserve
System.
(b) Membership.--The Commission shall be composed of not more than
21 members, all of whom represent a diverse set of expert perspectives
from the various sectors of the United States insurance industry,
including life insurance, property and casualty insurance and
reinsurance, agents and brokers, academics, consumer advocates, or
experts on issues facing underserved insurance communities and
consumers.

SEC. 4. REPORTS.

(a) In General.--
(1) Reports and testimony by secretary of the treasury and
chairman of the federal reserve.--
(A) In general.--The Secretary of the Treasury and
the Chairman of the Federal Reserve, or their designee,
shall submit to the Banking, Housing, and Urban Affairs
Committee of the Senate, and the Financial Services
Committee of the House of Representatives, an annual
report and provide annual testimony to the Banking,
Housing, and Urban Affairs Committee of the Senate, and
the Financial Services Committee of the House of
Representatives on the efforts of the Secretary and the
Chairman with the National Association of Insurance
Commissioners with respect to global insurance
regulatory or supervisory forums, including--
(i) a description of the insurance
regulatory or supervisory standard-setting
issues under discussion at international
standard-setting bodies, including the
Financial Stability Board and the International
Association of Insurance Supervisors;
(ii) a description of the effects that
proposals discussed at international insurance
regulatory or supervisory forums of insurance
could have on consumer and insurance markets in
the United States;
(iii) a description of any position taken
by the Secretary of the Treasury, Board of
Governors of the Federal Reserve System, and
Director of the Federal Insurance Office in
international insurance discussions; and
(iv) a description of the efforts by the
Secretary of the Treasury, Director of the
Federal Insurance Office, and the Board of
Governors of the Federal Reserve System to
increase transparency at the Financial
Stability Board with respect to insurance
proposals and the International Association of
Insurance Supervisors, including efforts to
provide additional public access to working
groups and committees of the International
Association of Insurance Supervisors.
(B) Termination.--This paragraph shall terminate on
December 31, 2018.
(2) Reports and testimony by national association of
insurance commissioners.--The National Association of Insurance
Commissioners may provide testimony to Congress on the issues
described in paragraph (1)(A).
(3) Joint report by the chairman of the federal reserve and
the director of the federal insurance office.--
(A) In general.--The Secretary of the Treasury,
Chairman of the Federal Reserve, and the Director of
the Federal Insurance Office shall, in consultation
with the National Association of Insurance
Commissioners, complete a study on, and submit to
Congress a report on the results of the study, the
impact on consumers and markets in the United States
before supporting or consenting to the adoption of any
key elements in any international insurance proposal or
international insurance capital standard.
(B) Notice and comment.--
(i) Notice.--The Secretary of the Treasury,
Chairman of the Federal Reserve, and the
Director of the Federal Insurance Office shall
provide notice before the date on which
drafting the report is commenced and after the
date on which the draft of the report is
completed.
(ii) Opportunity for comment.--There shall
be an opportunity for public comment for a
period beginning on the date on which the
report is submitted under subparagraph (A) and
ending on the date that is 60 days after the
date on which the report is submitted.
(C) Review by comptroller general.--The Secretary
of the Treasury, Chairman of the Federal Reserve, and
the Director of the Federal Insurance Office shall
submit to the Comptroller General of the United States
the report described in subparagraph (A) for review.
(4) Report on reduction in transparency.--Not later than
180 days after the date of enactment of this Act, the Chairman
of the Federal Reserve and the Secretary of the Treasury, or
their designees, shall submit to Congress a report and provide
testimony to Congress on the efforts of the Chairman and the
Secretary to increase transparency at meetings of the
International Association of Insurance Supervisors.
A:
International Insurance Capital Standards Accountability Act of 2015 This bill establishes at the Board of Governors of the Federal Reserve System the Insurance Policy Advisory Committee on International Capital Standards and Other Insurance Issues, a 21-member committee representing diverse expert perspectives from the U.S. insurance industry (including life insurance, property and casualty insurance and reinsurance, agents and brokers, academics, consumer advocates, or experts on issues facing underserved insurance communities and consumers). The Secretary of the Treasury and the Board Chairman shall report annually to certain congressional committees on their efforts with the National Association of Insurance Commissioners regarding global insurance regulatory or supervisory forums. The Secretary, the Board Chairman, and the Director of the Federal Insurance Office, before supporting or consenting to the adoption of any key element in any international insurance proposal or international insurance capital standard, must study its impact upon U.S. markets and consumers. The Secretary and the Board Chairman must also report, as well as testify to Congress on their efforts to increase transparency at meetings of the International Association of Insurance Supervisors.