H.R. 3861 — Introduced in House

I 115th CONGRESS 1st Session H. R. 3861 IN THE HOUSE OF REPRESENTATIVES September 28, 2017Mr. Duffy (for himself and Mr. Heck) introduced the following bill; which was referred to the Committee on Financial Services A BILL To reform the Federal Insurance Office of the Department of the Treasury, and for other purposes. 1. Short title This Act may be cited as the Federal Insurance Office Reform Act of 2017. 2. Reform of Federal Insurance Office (a) In general Section 313 of title 31, United States Code, is amended as follows: (1) Establishment In subsection (a), by inserting before the period at the end the following: , which shall be within the Office of International Affairs. (2) Leadership In the first sentence of subsection (b), by inserting before the period at the end the following: after consultation with State insurance commissioners. (3) Functions In subsection (c)— (A) in paragraph (1)— (i) by striking subparagraph (H); (ii) in subparagraph (E), by striking Federal efforts and all that follows through United States and inserting the following: Federal international insurance policy among Federal agencies and achieve consensus with the States, including representing the Department of the Treasury; (iii) in subparagraph (F)— (I) by striking to determine and inserting to assist the Secretary in determining; and (II) by inserting and after the semicolon at the end; and (iv) by striking subparagraph (G) and inserting the following: (G) to consult and reach consensus with the States (including State insurance regulators) on matters of international importance. ; (B) in paragraph (2), by striking major domestic and; and (C) by striking paragraph (3). (4) Gathering of information In subsection (e)— (A) in paragraph (1)— (i) in the matter preceding subparagraph (A), by striking may— and inserting may enter into information-sharing agreements.; and (ii) by striking subparagraphs (A) through (D); (B) by striking paragraphs (2), (3), (4), and (6); and (C) by redesignating paragraph (5) as paragraph (2). (5) Preemption of State insurance measures In subsection (f), by striking Director each place such term appears and inserting Secretary. (6) Consultation In subsection (i)— (A) by striking to the extent the Director determines appropriate,; and (B) by inserting before the period at the end the following: and shall 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. (7) 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. (8) Repeal of certain reports requirements By striking subsections (o) and (p) and redesignating subsections (q) through (s) as subsections (o) through (q), respectively. (9) Definition In subsection (p)(2), as so redesignated by paragraph (8)— (A) in subparagraph (A), by striking and at the end; (B) in subparagraph (B), by striking the period at the end and inserting ; and; and (C) by adding at the end the following new subparagraph: (C) does not include new prudential requirements for United States insurers. . (10) Use of existing resources In subsection (o), as so redesignated by paragraph (8) of this section— (A) by inserting not more than 5 after shall dedicate; and (B) by inserting , excluding the Director, after specific personnel. (b) Conforming amendment Subparagraph (C) of section 313(c)(1) of title 31, United States Code, as so redesignated by subsection (a)(2)(A)(vi) of this section, is amended by striking subsection (r) and inserting subsection (p).