,i  #aafth ,,congress  #ast ,session    
,h4 ,r4 #deib  ,,in ,,the ,,house ,,of  
,,representatives  ,october #a1         
#bjai,mr4 ,heck 7for himself and ,mr4   
,budd7 introduced the following bill2   
which was referred to the ,committee on 
,financial ,services  ,a ,,bill  ,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 #bjai4    
#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 such parties determine that 
the ,united ,states system of insurance 
regulation would not satisfy 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 ,negotiations2 regulatory 
dialogues  7#a7 ,negotiations ,nothing  
in this section shall be construed to   
prevent participation in negotiations of
 any proposed agreement or standard4    
7#b7 ,regulatory dialogues ,nothing in  
this section shall apply to regulatory  
dialogues not intended to create        
standards or result in an agreement not 
creating standards relating to the      
prudential aspects of insurance4  #d4   
,state insurance regulator involvement  
in international standard setting ,in   
developing international insurance      

standards or agreements pursuant to     
section #c1 and throughout the          
negotiations of such standards or       
agreements1 and in regulatory dialogues1
 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 ,inapplicability to trade agreements
 ,this ,act shall not apply to any forum
 or negotiations related to a trade     
agreement4