Section 1 Short title
This Act may be cited as the “Federal Insurance Office Reform Act of 2018”.
Federal Insurance Office Reform Act of 2018
A BILL
To reform the Federal Insurance Office of the Department of the Treasury, and for other purposes.
Sec. 2 Reform of Federal Insurance Office
In general— Section 313 of title 31, United States Code, is amended as follows:
Leadership— In the first sentence of subsection (b), by inserting before the period at the end the following: “after consultation with State insurance commissioners”.
Functions— In subsection (c)(1)—
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”;
in subparagraph (F), by striking “to determine” and inserting “to assist the Secretary in determining”; and
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”
Gathering of information— In subsection (e)—
in paragraph (1)—
in the matter preceding subparagraph (A), by striking “may—” and inserting “may enter into information-sharing agreements.”; and
by striking subparagraphs (A) through (D);
by striking paragraphs (2), (3), (4), and (6); and
by redesignating paragraph (5) as paragraph (2).
Preemption of State insurance measures— In subsection (f), by striking “Director” each place such term appears and inserting “Secretary”.
Consultation— In subsection (i)—
by striking “to the extent the Director determines appropriate,”; and
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”.
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”.
Repeal of certain reports requirements— By striking subsections (o) and (p) and redesignating subsections (q) through (s) as subsections (o) through (q), respectively.
Definition— In subsection (p)(2), as so redesignated by paragraph (7)—
in subparagraph (A), by striking “and” at the end;
in subparagraph (B), by striking the period at the end and inserting “; and”; and
by adding at the end the following new subparagraph:
“(C) does not include new prudential requirements for United States insurers.”
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)”.
Sec. 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).