#aaeth ,,congress #b;d ,session ,h4 ,r4 #decg ,,an ,,act ,to preserve the ,state-based system of insurance regulation and provide greater oversight of and transparency on international insurance standards setting processes1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,international ,insurance ,standards ,act of #bjah4 #b4 ,congressional findings ,the ,congress finds the following3 7#a7 ,the ,state-based system for insurance regulation in the ,united ,states has served ,american consumers well for more than #aej years and has fostered an open and competitive marketplace with a diversity of insurance products to the benefit of policyholders and consumers4 7#b7 ,protecting policyholders by regulating to ensure an insurer's ability to pay claims has been the hallmark of the successful ,united ,states system and should be the paramount objective of domestic prudential regulation and emerging international standards4 7#c7 ,the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7,public ,law #aaa-bjc7 reaffirmed the ,state-based insurance regulatory system4 #c4 ,requirement that insurance standards reflect ,united ,states policy 7a7 ,requirement 7#a7 ,in general ,parties representing the ,federal ,government in any international regulatory1 standard-setting1 or supervisory forum or in any negotiations of any international agreements relating to the prudential aspects of insurance shall not agree to1 accede to1 accept1 or establish any proposed agreement or standard if the proposed agreement or standard fails to recognize the ,united ,states system of insurance regulation as satisfying such proposals4 7#b7 ,inapplicability ,paragraph 7#a7 shall not apply to any forum or negotiations relating to a covered agreement 7as such term is defined in section #cac7r7 of title #ca1 ,united ,states ,code74 7b7 ,federal ,insurance ,office functions ,subparagraph 7,e7 of section #cac7;c77#a7 of title #ca1 ,united ,states ,code1 is amended by inserting ,federal ,government after ,united ,states4 7c7 ,negotiations ,nothing in this section shall be construed to prevent participation in negotiations of any proposed agreement or standard4 #d4 ,state insurance regulator involvement in international standard setting ,in developing international insurance standards pursuant to section #c1 and throughout the negotiations of such standards1 parties representing the ,federal ,government shall1 on matters related to insurance1 closely consult1 coordinate with1 and seek to include in such meetings ,state insurance commissioners or1 at the option of the ,state insurance commissioners1 designees of the insurance commissioners acting at their direction4 #e4 ,consultation with ,congress 7a7 ,requirement ,parties representing the ,federal ,government with respect to any agreement under section #c shall provide written notice to and consult with the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate1 and any other relevant committees of jurisdiction-- 7#a7 before initiating negotiations to enter into the agreement1 regarding-- 7,a7 the intention of the ,united ,states to participate in or enter into such negotiations2 and 7,b7 the nature and objectives of the negotiations2 and 7#b7 during negotiations to enter into the agreement1 regarding-- 7,a7 the nature and objectives of the negotiations2 7,b7 the implementation of the agreement1 including how it is consistent with and does not materially differ from or otherwise affect ,federal or ,state laws or regulations2 7,c7 the impact on the competitiveness of ,united ,states insurers2 and 7,d7 the impact on ,united ,states consumers4 7b7 ,consultation with ,federal ,advisory ,committee on ,insurance ,before entering into an agreement under section #c1 the ,secretary of the ,treasury shall seek to consult with the ,federal ,advisory ,committee on ,insurance formed pursuant to section #cac7;h7 of title #ca1 ,united ,states ,code4 #f4 ,report to ,congress on international insurance agreements ,before entering into an agreement under section #c1 parties representing the ,federal ,government shall submit to the appropriate congressional committees and leadership a report that describes-- 7#a7 the implementation of the agreement1 including how it is consistent with and does not materially differ from or otherwise affect ,federal or ,state laws or regulations2 7#b7 the impact on the competitiveness of ,united ,states insurers2 and 7#c7 the impact on ,united ,states consumers4 #g4 ,covered agreements 7a7 ,preemption of ,state insurance measures ,subsection 7f7 of section #cac of title #ca1 ,united ,states ,code1 is amended by striking ,director each place such term appears and inserting ,secretary4 7b7 ,definition ,paragraph 7#b7 of section #cac7r7 of title #ca1 ,united ,states ,code1 is amended-- 7#a7 in subparagraph 7,a71 by striking and at the end2 7#b7 in subparagraph 7,b71 by striking the period at the end and inserting 2 and2 and 7#c7 by adding at the end the following new subparagraph3 7,c7 applies only on a prospective basis4 4 7c7 ,consultation2 submission and layover2 congressional review ,section #cad of title #ca1 ,united ,states ,code is amended-- 7#a7 in subsection 7b7-- 7,a7 in paragraph 7#b77;,c71 by striking laws and inserting the following3 and ,federal law1 and the nature of any changes in the laws of the ,united ,states or the administration of such laws that would be required to carry out a covered agreement2 and 7,b7 by adding at the end the following new paragraph3 7#c7 ,access to negotiating texts and other documents ,appropriate congressional committees and staff with proper security clearances shall be given timely access to ,united ,states negotiating proposals1 consolidated draft texts1 and other pertinent documents related to the negotiations1 including classified materials4 2 7#b7 by redesignating subsection 7c7 as subsection 7d72 7#c7 by inserting after subsection 7b7 the following new subsection3 7c7 ,requirements for consultations with ,state insurance commissioners ,throughout the negotiations of a covered agreement1 parties representing the ,federal ,government shall closely consult and coordinate with ,state insurance commissioners4 2 7#d7 in subsection 7d71 as so redesignated by paragraph 7#b7-- 7,a7 in the matter preceding paragraph 7#a71 by striking only if-- and inserting the following3 only if1 before signing the final legal text or otherwise entering into the agreement--2 7,b7 in paragraph 7#a71 by striking congressional committees specified in subsection 7b77#a7 and inserting appropriate congressional committees and leadership and to congressional committee staff with proper security clearances2 and 7,c7 by striking paragraph 7#b7 and inserting the following new paragraph3 7#b7 7,a7 the #ij-;day period beginning on the date on which the copy of the final legal text of the agreement is submitted under paragraph 7#a7 to the congressional committees1 leadership1 and staff has expired2 and 7,b7 the covered agreement has not been prevented from taking effect pursuant to subsection 7e74 2 and 7#e7 by adding at the end the following new subsections3 7e7 ,period for review by ,congress 7#a7 ,in general ,during the layover period referred to in subsection 7d77#b77;,a71 the ,committees on ,banking1 ,housing1 and ,urban ,affairs and ,finance of the ,senate and the ,committees on ,financial ,services and ,ways of ,means of the ,house of ,representatives should1 as appropriate1 exercise their full oversight responsibility4 7#b7 ,effect of enactment of a joint resolution of disapproval ,notwithstanding any other provision of law1 if a joint resolution of disapproval relating to a covered agreement submitted under subsection 7d77#a7 is enacted in accordance with subsection 7f71 the covered agreement shall not enter into force with respect to the ,united ,states4 7f7 ,joint resolutions of disapproval 7#a7 ,definition ,in this subsection1 the term joint resolution of disapproval means1 with respect to proposed covered agreement1 only a joint resolution of either ,house of ,congress-- 7,a7 that is introduced during the #ij-;day period referred to in subsection 7d77#b77;,a7 relating to such proposed covered agreement2 7,b7 which does not have a preamble2 7,c7 the title of which is as follows3 ,a joint resolution disapproving a certain proposed covered agreement under section #cad of title #ca1 ,united ,states ,code42 and 7,d7 the sole matter after the resolving clause of which is the following3 ,congress disapproves of the proposed covered agreement submitted to ,congress under section #cad 7c77#a7 of title #ca1 ,united ,states ,code1 on relating to 41 with the first blank space being filled with the appropriate date and the second blank space being filled with a short description of the proposed covered agreement4 7#b7 ,introduction ,during the layover period referred to in subsection 7d77#b77;,a71 a joint resolution of disapproval may be introduced-- 7,a7 in the ,house of ,representatives1 by any ,member of the ,house1 and 7,b7 in the ,senate1 by any ,senator1 and shall be referred to the appropriate committees4 7#c7 ,rules of house of representatives and senate ,this subsection is enacted by ,congress-- 7,a7 as an exercise of the rulemaking power of the ,senate and the ,house of ,representatives1 respectively1 and as such is deemed a part of the rules of each ,house1 respectively1 and supersedes other rules only to the extent that it is inconsistent with such rules2 and 7,b7 with full recognition of the constitutional right of either ,house to change the rules 7so far as relating to the procedure of that ,house7 at any time1 in the same manner1 and to the same extent as in the case of any other rule of that ,house4 7g7 ,appropriate congressional committees and leadership defined ,in this section1 the term appropriate congressional committees and leadership means-- 7#a7 the ,committees on ,banking1 ,housing1 and ,urban ,affairs and ,finance1 and the majority and minority leaders1 of the ,senate2 and 7#b7 the ,committees on ,financial ,services and ,ways and ,means1 and the ,speaker1 the majority leader1 and the minority leader1 of the ,house of ,representatives4 4 #h4 ,inapplicability to trade agreements ,this ,act and the amendments made by this ,act shall not apply to any forum or negotiations related to a trade agreement4 ,passed the ,house of ,representatives ,july #aj1 #bjah4;,clerk4