§314. Covered agreements — Inbound Citations

Citations to 31 U.S.C. § 314 as a whole

• 31 U.S.C. § 313(f)(1)

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  (1) A State insurance measure shall be preempted pursuant to this section or section 314 if, and only to the extent that the Director determines, in accordance with this subsection, that the measure—

  (A) results in less favorable treatment of a non-United States insurer domiciled in a foreign jurisdiction that is subject to a covered agreement than a United States insurer domiciled, licensed, or otherwise admitted in that State; and

  (B) is inconsistent with a covered agreement.
• 31 U.S.C. § 313(k)

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  (k) Nothing in this section or section 314 shall be construed to establish or provide the Office or the Department of the Treasury with general supervisory or regulatory authority over the business of insurance.
• 31 U.S.C. § 313(l)

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  (l) Nothing in this section or section 314 shall be construed to limit the authority of any Federal financial regulatory agency, including the authority to develop and coordinate policy, negotiate, and enter into agreements with foreign governments, authorities, regulators, and multinational regulatory committees and to preempt State measures to affect uniformity with international regulatory agreements.
• 31 U.S.C. § 313(m)

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  (m) Nothing in this section or section 314 shall be construed to affect the authority of the Office of the United States Trade Representative pursuant to section 141 of the Trade Act of 1974 (19 U.S.C. 2171) or any other provision of law, including authority over the development and coordination of United States international trade policy and the administration of the United States trade agreements program.
• 31 U.S.C. § 313(r)

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  (r) In this section and section 314, the following definitions shall apply:

  (1) The term “affiliate” means, with respect to an insurer, any person who controls, is controlled by, or is under common control with the insurer.

  (2) The term “covered agreement” means a written bilateral or multilateral agreement regarding prudential measures with respect to the business of insurance or reinsurance that—

  (A) is entered into between the United States and one or more foreign governments, authorities, or regulatory entities; and

  (B) relates to the recognition of prudential measures with respect to the business of insurance or reinsurance that achieves a level of protection for insurance or reinsurance consumers that is substantially equivalent to the level of protection achieved under State insurance or reinsurance regulation.

  (3) The term “insurer” means any person engaged in the business of insurance, including reinsurance.

  (4) The term “Federal financial regulatory agency” means the Department of the Treasury, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, the Securities and Exchange Commission, the Commodity Futures Trading Commission, the Federal Deposit Insurance Corporation, the Federal Housing Finance Agency, or the National Credit Union Administration.

  (5) The term “non-United States insurer” means an insurer that is organized under the laws of a jurisdiction other than a State, but does not include any United States branch of such an insurer.

  (6) The term “Office” means the Federal Insurance Office established by this section.

  (7) The term “State insurance measure” means any State law, regulation, administrative ruling, bulletin, guideline, or practice relating to or affecting prudential measures applicable to insurance or reinsurance.

  (8) The term “State insurance regulator” means any State regulatory authority responsible for the supervision of insurers.

  (9) The term “substantially equivalent to the level of protection achieved” means the prudential measures of a foreign government, authority, or regulatory entity achieve a similar outcome in consumer protection as the outcome achieved under State insurance or reinsurance regulation.

  (10) The term “United States insurer” means—

  (A) an insurer that is organized under the laws of a State; or

  (B) a United States branch of a non-United States insurer.