,,ii  #aadth ,,congress  #ast ,session  
,s4 #ajhf  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,april #bg1    
#bjae ,mr4 ,heller 7for himself and ,mr4
 ,tester7 introduced the following bill2
 which was read twice and referred to   
the ,committee on ,banking1 ,housing1   
and ,urban ,affairs  ,a ,,bill  ,to     
establish an insurance policy advisory  
committee on international capital      
standards1 and for other purposes4  #a4 
,short title  ,this ,act may be cited as
 the ,international ,insurance ,capital 
,standards ,accountability ,act of      
#bjae4  #b4 ,findings ,congress finds   
that-- 7#a7 the ,secretary of the       
,treasury1 ,board of ,governors of the  
,federal ,reserve ,system1 and ,director
 of the ,federal ,insurance ,office     
shall support increasing transparency at
 any global insurance or international  
standard-setting regulatory or          
supervisory forum in which they         
participate1 including supporting and   
advocating for greater public observer  

access to working groups and committee  
meetings of the ,international          
,association of ,insurance ,supervisors2
 and  7#b7 to the extent that the       
,secretary of the ,treasury1 ,board of  
,governors of the ,federal ,reserve     
,system1 and ,director of the ,federal  
,insurance ,office take a position or   
reasonably intend to take a position on 
an insurance proposal by a global       
insurance regulatory or supervisory     
forum1 the ,secretary of the ,treasury1 
,board of ,governors of the ,federal    
,reserve ,system1 and ,director of the  
,federal ,insurance ,office shall       
achieve consensus positions with ,state 
insurance regulators through the        
,national ,association of ,insurance    
,commissioners1 when they are ,united   
,states participants in negotiations on 
insurance issues before the             
,international ,association of          
,insurance ,supervisors1 ,financial     
,stability ,board1 or any other         
international forum of financial        

regulators or supervisors that considers
 such issues4  #c4 ,insurance policy    
advisory committee  7a7 ,establishment  
,there is established the ,insurance    
,policy ,advisory ,committee on         
,international ,capital ,standards and  
,other ,insurance ,issues at the ,board 
of ,governors of the ,federal ,reserve  
,system4  7b7 ,membership ,the          
,commission shall be composed of not    
more than #ba members1 all of whom      
represent a diverse set of expert       
perspectives from the various sectors of
 the ,united ,states insurance industry1
 including life insurance1 property and 
casualty insurance and reinsurance1     
agents and brokers1 academics1 consumer 
advocates1 or experts on issues facing  
underserved insurance communities and   
consumers4  #d4 ,reports  7a7 ,in       
general  7#a7 ,reports and testimony by 
,secretary of the ,treasury and         
,chairman of the ,federal ,reserve  7,a7
 ,in general ,the ,secretary of the     
,treasury and the ,chairman of the      

,federal ,reserve1 or their designee1   
shall submit to the ,banking1 ,housing1 
and ,urban ,affairs ,committee of the   
,senate1 and the ,financial ,services   
,committee of the ,house of             
,representatives1 an annual report and  
provide annual testimony to the         
,banking1 ,housing1 and ,urban ,affairs 
,committee of the ,senate1 and the      
,financial ,services ,committee of the  
,house of ,representatives on the       
efforts of the ,secretary and the       
,chairman with the ,national            
,association of ,insurance              
,commissioners with respect to global   
insurance regulatory or supervisory     
forums1 including--  7i7 a description  
of the insurance regulatory or          
supervisory standard-setting issues     
under discussion at international       
standard-setting bodies1 including the  
,financial ,stability ,board and the    
,international ,association of          
,insurance ,supervisors2  7ii7 a        
description of the effects that         

proposals discussed at international    
insurance regulatory or supervisory     
forums of insurance could have on       
consumer and insurance markets in the   
,united ,states2  7iii7 a description of
 any position taken by the ,secretary of
 the ,treasury1 ,board of ,governors of 
the ,federal ,reserve ,system1 and      
,director of the ,federal ,insurance    
,office in international insurance      
discussions2 and  7iv7 a description of 
the efforts by the ,secretary of the    
,treasury1 ,director of the ,federal    
,insurance ,office1 and the ,board of   
,governors of the ,federal ,reserve     
,system to increase transparency at the 
,financial ,stability ,board with       
respect to insurance proposals and the  
,international ,association of          
,insurance ,supervisors1 including      
efforts to provide additional public    
access to working groups and committees 
of the ,international ,association of   
,insurance ,supervisors4  7,b7          
,termination ,this paragraph shall      

terminate on ,december #ca1 #bjah4  7#b7
 ,reports and testimony by national     
association of insurance commissioners  
,the ,national ,association of          
,insurance ,commissioners may provide   
testimony to ,congress on the issues    
described in paragraph 7#a77;,a74  7#c7 
,joint report by the chairman of the    
,federal reserve and the director of the
 ,federal insurance office  7,a7 ,in    
general ,the ,secretary of the          
,treasury1 ,chairman of the ,federal    
,reserve1 and the ,director of the      
,federal ,insurance ,office shall1 in   
consultation with the ,national         
,association of ,insurance              
,commissioners1 complete a study on1 and
 submit to ,congress a report on the    
results of the study1 the impact on     
consumers and markets in the ,united    
,states before supporting or consenting 
to the adoption of any key elements in  
any international insurance proposal or 
international insurance capital         
standard4  7,b7 ,notice and comment  7i7

 ,notice ,the ,secretary of the         
,treasury1 ,chairman of the ,federal    
,reserve1 and the ,director of the      
,federal ,insurance ,office shall       
provide notice before the date on which 
drafting the report is commenced and    
after the date on which the draft of the
 report is completed4  7ii7 ,opportunity
 for comment ,there shall be an         
opportunity for public comment for a    
period beginning on the date on which   
the report is submitted under           
subparagraph 7,a7 and ending on the date
 that is #fj days after the date on     
which the report is submitted4  7,c7    
,review by comptroller general ,the     
,secretary of the ,treasury1 ,chairman  
of the ,federal ,reserve1 and the       
,director of the ,federal ,insurance    
,office shall submit to the ,comptroller
 ,general of the ,united ,states the    
report described in subparagraph 7,a7   
for review4  7#d7 ,report on reduction  
in transparency ,not later than #ahj    
days after the date of enactment of this

 ,act1 the ,chairman of the ,federal    
,reserve and the ,secretary of the      
,treasury1 or their designees1 shall    
submit to ,congress a report and provide
 testimony to ,congress on the efforts  
of the ,chairman and the ,secretary to  
increase transparency at meetings of the
 ,international ,association of         
,insurance ,supervisors4