HR-5143 : Still Just a Bill

Transparent Insurance Standards Act of 2016

This bill specifies U.S. objectives regarding international insurance standards.

The United States may not agree to, accept, establish, enter into, or consent to the adoption of a final international insurance standard with an international standard-setting organization or a foreign government, authority, or regulatory entity unless certain publication requirements and capital standards are met.

Before U.S. adoption of any such international insurance standard the Department of the Treasury and the Board of Governors of the Federal Reserve System, in consultation with the state insurance commissioners, shall analyze and report to Congress on the impact of the standard on U.S. consumers and markets and whether any changes in state law will result from such final standard. Congress shall have 90 days to approve or reject the final standard.

The Dodd-Frank Wall Street Reform and Consumer Protection Act is amended to authorize the Independent Member of the Financial Stability Oversight Council to:

• perform specified consultant duties with international insurance supervisors, international financial stability counterparts, as well as Treasury;
• attend the Financial Stability Board of The Group of Twenty, and arrange for the attendance and participation at the Board of state insurance commissioners on matters related to insurance and financial stability; and
• attend, with the U.S. delegation, the Organization for Economic Cooperation and Development (OECD) and observe and participate at the OECD Insurance and Private Pensions Committee on those same matters.

Parties representing the United States at the Financial Stability Board of the Group of Twenty on matters, and in meetings, related to insurance and financial stability shall consult with the state insurance commissioners and seek to include them in those meetings.