International Insurance Standards Act of 2019

International Insurance Standards Act of 2019

This bill prohibits parties representing the federal government in an international insurance agreement from agreeing to any standard unless it recognizes the existing U.S. system of regulation as satisfying that standard. In developing international insurance standards, the parties must coordinate with state insurance regulators.

Parties representing the United States in such proceedings must consult with and notify Congress regarding the intention to participate in the negotiations, the nature and objectives of the negotiations, and the details of the agreement. Before entering into any agreement, the parties must report to Congress regarding the implementation and impact of the agreement.