International Insurance Standards Act of 2017
International Insurance Standards Act of 2017
This bill prohibits parties representing the federal government in an international insurance agreement from agreeing to any standard inconsistent with existing federal and state laws. The parties must coordinate with state insurance regulators. Congress has the power to review and disapprove by joint resolution any such agreement.
The bill amends the Federal Insurance Office Act of 2010 to modify requirements for a covered international agreement entered into by the Department of the Treasury's Federal Insurance Office. Such an agreement must not include new prudential requirements for insurers and must only apply on a prospective basis. Congress has the power to review and disapprove by joint resolution any covered agreement.
Referred to the Committee on Financial Services, and in addition to the Committee on Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.