,,ii  #aaeth ,,congress  #ast ,session  
,s4 #acfj  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,june #ad1     
#bjag ,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     
require the ,board of ,governors of the 
,federal ,reserve ,system to establish  
an ,insurance ,policy ,advisory         
,committee on ,international ,capital   
,standards and ,other ,insurance        
,issues1 and for other purposes4  #a4   
,short title  ,this ,act may be cited as
 the ,international ,insurance ,capital 
,standards ,accountability ,act of      
#bjag4  #b4 ,definitions  ,in this      
,act-- 7#a7 the term appropriate        
committees of ,congress means--  7,a7   
the ,committee on ,banking1 ,housing1   
and ,urban ,affairs of the ,senate2 and 
7,b7 the ,committee on ,financial       
,services of the ,house of              
,representatives2  7#b7 the term ,board 

of ,governors means the ,board of       
,governors of the ,federal ,reserve     
,system2  7#c7 the term ,committee means
 the ,insurance ,policy ,advisory       
,committee on ,international ,capital   
,standards and ,other ,insurance ,issues
 established under section #d7;a72 and  
7#d7 the term ,secretary means the      
,secretary of the ,treasury4  #c4       
,findings ,congress finds that the      
,secretary and the ,board of ,governors 
should--  7#a7 support increasing       
transparency at any global insurance or 
international standard-setting          
regulatory or supervisory forum in which
 the ,secretary and the ,board of       
,governors 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      
achieve consensus positions with ,state 
insurance regulators1 through the       
,national ,association of ,insurance    

,commissioners--  7,a7 if the ,secretary
 and the ,board of ,governors take a    
position1 or reasonably intend to take a
 position1 with respect to an insurance 
proposal by a global insurance          
regulatory or supervisory forum2 and    
7,b7 when the ,secretary1 the ,board of 
,governors1 and the ,national           
,association of ,insurance              
,commissioners represent the ,united    
,states in negotiations with respect to 
insurance issues before the             
,international ,association of          
,insurance ,supervisors1 the ,financial 
,stability ,board1 or any other         
international forum of financial        
regulators or supervisors that considers
 insurance issues4  #d4 ,insurance      
,policy ,advisory ,committee  7a7       
,establishment ,the ,board of ,governors
 shall establish the ,insurance ,policy 
,advisory ,committee on ,international  
,capital ,standards and ,other          
,insurance ,issues4  7b7 ,membership    
,the ,committee shall be composed of not

 more than #aa members1 all of whom     
shall represent a diverse set of expert 
perspectives from the various sectors of
 the insurance industry of the ,united  
,states1 including individuals--  7#a7  
from the fields of-- 7,a7 life          
insurance2  7,b7 property and casualty  
insurance2 and  7,c7 reinsurance2 and   
7#b7 with experience serving as--  7,a7 
agents and brokers2  7,b7 academics2    
7,c7 consumer advocates2 or  7,d7       
experts on issues facing underserved    
insurance communities and consumers4    
7c7 ,nonapplicability of ,,faca ,the    
,federal ,advisory ,committee ,act 7#e  
,u4,s4,c4 ,app47 shall not apply to the 
,committee or the activities of the     
,committee4  #e4 ,requirements for      
consent to adopt international capital  
insurance standards  ,the ,secretary and
 the ,board of ,governors may not agree 
to1 accept1 establish1 enter into1 or   
consent to the adoption of a final      
international capital insurance standard
 with an international standard-setting 

organization or a foreign government1   
authority1 or regulatory entity unless--
  7#a7 the ,secretary and the ,chair of 
the ,board of ,governors have1 with     
respect to the text of the proposed     
final international capital insurance   
standard--  7,a7 published the text in  
the ,federal ,register2  7,b7 made the  
text available for public comment for a 
period of not less than #cj days2 and   
7,c7 submitted a copy of the text to the
 appropriate committees of ,congress on 
a date on which both ,houses of         
,congress are in session2  7#b7 the     
international capital insurance standard
 is not inconsistent with capital       
requirements set forth in the           
,state-based system of insurance        
regulation2 and  7#c7 if the            
international capital insurance standard
 will apply to a company supervised by  
the ,board of ,governors1 the           
international capital insurance standard
 is not inconsistent with the capital   
requirements of the ,board of ,governors

 for that company4  #f4 ,reports  7a7   
,reports and testimony by ,secretary of 
the ,treasury and ,chair of the ,board  
of ,governors of the ,federal ,reserve  
,system  7#a7 ,in general ,the          
,secretary and the ,chair of the ,board 
of ,governors1 or their designees1 shall
 submit to the appropriate committees of
 ,congress an annual report1 and provide
 annual testimony to those committees1  
relating to the efforts of the          
,secretary and the ,chair1 along with   
the ,national ,association of ,insurance
 ,commissioners1 with respect to global 
insurance regulatory or supervisory     
forums1 including a description of--    
7,a7 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  7,b7 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  7,c7 any       
position taken by the ,secretary and the
 ,board of ,governors during            
international insurance discussions2 and
  7,d7 the efforts by the ,secretary and
 the ,board of ,governors to increase   
transparency at--  7i7 the ,financial   
,stability ,board with respect to       
insurance proposals2 and  7ii7 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 #bjbj4  7b7 
,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    

subsection 7a77#a74  7c7 ,joint report  
by the ,chair of the ,board of          
,governors of the ,federal ,reserve     
,system and the ,secretary of the       
,treasury  7#a7 ,in general ,before     
supporting or consenting to the adoption
 of any final international insurance   
capital standard1 the ,secretary and the
 ,chair of the ,board of ,governors     
shall1 in consultation with the         
,national ,association of ,insurance    
,commissioners1 complete a study1 and   
submit to ,congress a report on the     
results of the study1 with respect to   
the impact that the capital standard    
would have on consumers and markets in  
the ,united ,states4  7#b7 ,notice and  
comment  7,a7 ,notice ,with respect to a
 report described in paragraph 7#a71 the
 ,secretary and the ,chair of the ,board
 of ,governors shall1 on the date on    
which the ,secretary and the ,chair     
begin drafting the report1 provide      
notice to the appropriate committees of 
,congress that the ,secretary and the   

,chair have begun drafting the report4  
7,b7 ,opportunity for comment ,during   
the period beginning on the date on     
which a report is submitted to ,congress
 under paragraph 7#a7 and ending on the 
date that is #fj days after the date on 
which the report is submitted1 the      
,secretary and the ,chair of the ,board 
of ,governors shall provide an          
opportunity for public comment with     
respect to the report4  7#c7 ,review by 
,comptroller ,general ,on the date on   
which the ,secretary and the ,chair of  
the ,board of ,governors submit to      
,congress a report under paragraph 7#a71
 the ,secretary and the ,chair shall    
submit to the ,comptroller ,general of  
the ,united ,states a copy of the report
 for review by the ,comptroller         
,general4  7d7 ,report on reduction in  
transparency ,not later than #ahj days  
after the date of enactment of this     
,act1 the ,chair of the ,board of       
,governors and the ,secretary1 or their 
designees1 shall submit to ,congress a  

report1 and provide testimony to        
,congress1 with respect to the efforts  
of the ,chair and the ,secretary to     
increase transparency at meetings of the
 ,international ,association of         
,insurance ,supervisors4