,i #aaith ,,congress #b;d ,session ,h4 ,r4 #gacj ,,in ,,the ,,house ,,of ,,representatives ,january #af1 #bjbf,mr4 ,downing 7for himself1 ,mr4 ,fitzgerald1 and ,mr4 ,ogles7 introduced the following bill2 which was referred to the ,committee on ,financial ,services ,a ,,bill ,to eliminate the ,federal ,insurance ,office of the ,department of the ,treasury and to establish a ,united ,states ,insurance ,representative within the ,department of the ,treasury1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,mc,carran-,ferguson ,restoration ,act4 #b4 ,elimination of ,federal ,insurance ,office 7a7 ,in general ,the ,federal ,insurance ,office of the ,department of the ,treasury1 and the position of the ,director of the ,federal ,insurance ,office1 are hereby eliminated4 7b7 ,treasury authority ,this section may not be construed to repeal or otherwise limit any authority of the ,secretary of the ,treasury with respect matters relating to insurance4 #c4 ,establishment of ,united ,states ,insurance ,representative ,title #ca1 ,united ,states ,code1 is amended-- 7#a7 in the table of sections for subchapter ,i of chapter #c1 by striking ,federal ,insurance ,office and inserting ,united ,states ,insurance ,representative2 and 7#b7 by amending section #cac to read as follows3 #cac4 ,united ,states ,insurance ,representative 7a7 ,in general ,not later than #a year after the date of the enactment of this section1 the ,secretary shall1 for the purpose of carrying out this section-- 7#a7 appoint an ,united ,states ,insurance ,representative2 and 7#b7 hire and retain individuals with expertise in matters related to insurance4 7b7 ,duties ,the ,united ,states ,insurance ,representative shall-- 7#a7 coordinate ,federal efforts and develop ,federal policy on prudential aspects of international insurance matters2 7#b7 represent the ,united ,states ,department of the ,treasury1 as appropriate1 in the ,international ,association of ,insurance ,supervisors 7or a successor entity72 7#c7 assist the ,secretary in negotiating covered agreements2 7#d7 determine whether ,state insurance measures are preempted by covered agreements2 7#e7 assist the ,secretary in administering the ,terrorism ,insurance ,program established in the ,department of the ,treasury under the ,terrorism ,risk ,insurance ,act of #bjjb 7#ae ,u4,s4,c4 #fgja note72 7#f7 consult with the ,states 7including ,state insurance regulators7 with respect to insurance matters of national importance and prudential insurance matters of international importance2 and 7#g7 advise the ,secretary on prudential international insurance policy issues4 7c7 ,scope ,the authority of the ,united ,states ,insurance ,representative shall extend to prudential aspects of all lines of insurance offered in the ,united ,states1 except-- 7#a7 health insurance1 as determined by the ,secretary in coordination with the ,secretary of ,health and ,human ,services based on section #bgia of the ,public ,health ,service ,act 7#db ,u4,s4,c4 #cjj;gg-#ia72 7#b7 long-term care insurance1 except long-term care insurance that is included with life or annuity insurance components1 as determined by the ,secretary in coordination with the ,secretary of ,health and ,human ,services1 and in the case of long-term care insurance that is included with such components1 the ,secretary shall coordinate with the ,secretary of ,health and ,human ,services in performing the functions under this paragraph2 and 7#c7 crop insurance1 as established by the ,federal ,crop ,insurance ,act 7#g ,u4,s4,c4 #aeja et seq74 7d7 ,preemption of ,state ,insurance ,measures 7#a7 ,standard ,a ,state insurance measure shall be preempted pursuant to this paragraph or section #cad if1 and only to the extent that the ,united ,states ,insurance ,representative determines1 in accordance with this paragraph1 that the measure-- 7,a7 results in less favorable treatment of a non-,united ,states insurer domiciled in a foreign jurisdiction that is subject to a covered agreement than a ,united ,states insurer domiciled1 licensed1 or otherwise admitted in that ,state2 and 7,b7 is inconsistent with a covered agreement4 7#b7 ,determination 7,a7 ,notice of potential inconsistency ,before making any determination under paragraph 7#a71 the ,united ,states ,insurance ,representative shall-- 7i7 notify and consult with the appropriate ,state regarding any potential inconsistency or preemption2 7ii7 notify and consult with the ,united ,states ,trade ,representative regarding any potential inconsistency or preemption2 7iii7 publish in the ,federal ,register a notice of the potential inconsistency or preemption1 including a description of each ,state insurance measure at issue and any applicable covered agreement2 7iv7 provide interested parties a reasonable opportunity to submit written comments to the ,united ,states ,insurance ,representative2 and 7v7 consider any comments received4 7,b7 ,scope of review ,for purposes of this subsection1 any determination of the ,united ,states ,insurance ,representative regarding ,state insurance measures1 and any preemption under clause 7i7 as a result of such determination1 shall be limited to the subject matter contained within the covered agreement involved and shall achieve a level of protection for insurance or reinsurance consumers that is substantially equivalent to the level of protection achieved under ,state insurance or reinsurance regulation4 7,c7 ,notice of determination of inconsistency ,upon making any determination under paragraph 7#a71 the ,united ,states ,insurance ,representative shall-- 7i7 notify the appropriate ,state of the determination and the extent of the inconsistency2 7ii7 establish a reasonable period of time1 which shall not be less than #cj days1 before the determination shall become effective2 and 7iii7 notify the ,committees on ,financial ,services and ,ways and ,means of the ,house of ,representatives and the ,committees on ,banking1 ,housing1 and ,urban ,affairs and ,finance of the ,senate4 7#c7 ,notice of effectiveness ,upon the conclusion of the period referred to in paragraph 7#b77;,c77ii71 if the basis for such determination still exists1 the determination shall become effective and the ,united ,states ,insurance ,representative shall-- 7,a7 publish a notice in the ,federal ,register that the preemption has become effective1 as well as the effective date2 and 7,b7 notify the appropriate ,state of the preemption of the ,state measure4 7#d7 ,limitation ,no ,state may enforce a ,state insurance measure that has been preempted under this subparagraph4 7e7 ,applicability of ,administrative ,procedures ,act ,determinations of under subsection 7d7 shall be subject to the applicable provisions of subchapter ,,ii of chapter #e of title #e1 ,united ,states ,code 7relating to administrative procedure71 and chapter #g of such title 7relating to judicial review71 except that in any action for judicial review of a determination of inconsistency1 the court shall determine the matter de novo4 7f7 ,regulations1 policies1 and procedures ,the ,secretary may issue orders1 regulations1 policies1 and procedures to implement this paragraph4 7g7 ,consultation ,the ,united ,states ,insurance ,representative shall consult with ,state insurance regulators1 individually or collectively1 to the extent the ,united ,states ,insurance ,representative determines appropriate1 in carrying out this paragraph4 7h7 ,rules of construction ,nothing in this paragraph or section #cad shall be construed to-- 7#a7 alter1 amend1 or limit any provision of the ,consumer ,financial ,protection ,agency ,act of #bjaj2 7#b7 affect the preemption of any ,state insurance measure otherwise inconsistent with and preempted by ,federal law2 7#c7 preempt-- 7,a7 any ,state insurance measure that governs any insurer's rates1 premiums1 underwriting1 or sales practices2 7,b7 any ,state coverage requirements for insurance2 7,c7 the application of the antitrust laws of any ,state to the business of insurance2 or 7,d7 any ,state insurance measure governing the capital or solvency of an insurer1 except to the extent that such ,state insurance measure results in less favorable treatment of a non-,united ,states insurer than a ,united ,states insurer2 7#d7 provide the ,united ,states ,insurance ,representative or the ,department of the ,treasury with general supervisory or regulatory authority over the business of insurance2 7#e7 limit the authority of any ,federal financial regulatory agency1 including the authority to develop and coordinate policy1 negotiate1 and enter into agreements with foreign governments1 authorities1 regulators1 and multinational regulatory committees and to preempt ,state measures to affect uniformity with international regulatory agreements2 or 7#f7 affect the authority of the ,office of the ,united ,states ,trade ,representative pursuant to section #ada of the ,trade ,act of #aigd 7#ai ,u4,s4,c4 #baga7 or any other provision of law1 including authority over the development and coordination of ,united ,states international trade policy and the administration of the ,united ,states trade agreements program4 7i7 ,annual report to ,congress 7#a7 ,preemption reports ,beginning on the date that is #b years after the date of the enactment of this paragraph1 and annually thereafter1 the ,united ,states ,insurance ,representative shall submit a report to the ,president and to the ,committees on ,financial ,services and ,ways and ,means of the ,house of ,representatives and the ,committees on ,banking1 ,housing1 and ,urban ,affairs and ,finance of the ,senate on any actions taken during the preceding #a-year period by the ,representative pursuant to subsection 7d74 7#b7 ,international insurance reports ,not later than #b years after the date of the enactment of this paragraph1 the ,united ,states ,insurance ,representative shall conduct a study and submit a report to the ,congress that describes-- 7,a7 any international coordination of insurance regulation2 and 7,b7 the international competitiveness of ,united ,states insurers4 7j7 ,use of ,existing ,resources ,to carry out this paragraph1 the ,united ,states ,insurance ,representative may use personnel1 facilities1 and any other resource of the ,department of the ,treasury that are available to the ,secretary4 7k7 ,definitions ,in this paragraph and section #cad1 the following definitions shall apply3 7#a7 ,covered agreement ,the term covered agreement means a written bilateral or multilateral agreement regarding prudential measures with respect to the business of insurance or reinsurance that-- 7,a7 is entered into between the ,united ,states and one or more foreign governments1 authorities1 or regulatory entities2 and 7,b7 relates to the recognition of prudential measures with respect to the business of insurance or reinsurance that achieves a level of protection for insurance or reinsurance consumers that is substantially equivalent to the level of protection achieved under ,state insurance or reinsurance regulation4 7#b7 ,insurer ,the term insurer means any person engaged in the business of insurance1 including reinsurance4 7#c7 ,federal financial regulatory agency ,the term ,federal financial regulatory agency means the ,department of the ,treasury1 the ,board of ,governors of the ,federal ,reserve ,system1 the ,office of the ,comptroller of the ,currency1 the ,office of ,thrift ,supervision1 the ,securities and ,exchange ,commission1 the ,commodity ,futures ,trading ,commission1 the ,federal ,deposit ,insurance ,corporation1 the ,federal ,housing ,finance ,agency1 or the ,national ,credit ,union ,administration4 7#d7 ,non-united states insurer ,the term non-,united ,states insurer means an insurer that is organized under the laws of a jurisdiction other than a ,state1 but does not include any ,united ,states branch of such an insurer4 7#e7 ,state insurance measure ,the term ,state insurance measure means any ,state law1 regulation1 administrative ruling1 bulletin1 guideline1 or practice relating to or affecting prudential measures applicable to insurance or reinsurance4 7#f7 ,state insurance regulator ,the term ,state insurance regulator means any ,state regulatory authority responsible for the supervision of insurers4 7#g7 ,substantially equivalent to the level of protection achieved ,the term substantially equivalent to the level of protection achieved means the prudential measures of a foreign government1 authority1 or regulatory entity achieve a similar outcome in consumer protection as the outcome achieved under ,state insurance or reinsurance regulation4 7#h7 ,united states insurer ,the term ,united ,states insurer means-- 7,a7 an insurer that is organized under the laws of a ,state2 or 7,b7 a ,united ,states branch of a non-,united ,states insurer4 4 #d4 ,related amendments to elimination of ,federal ,insurance ,office 7a7 ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act amendments ,the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#ab ,u4,s4,c4 #ecja et seq47 is amended-- 7#a7 in section #afe7;i7 7#ab ,u4,s4,c4 #ecfe7;i77-- 7,a7 in paragraph 7#a77;,a71 by striking and the ,federal ,insurance ,office and inserting and the ,secretary of the ,treasury2 and 7,b7 in paragraph 7#b77;,c71 in the matter preceding clause 7i71 by striking and the ,federal ,insurance ,office and inserting and the ,secretary of the ,treasury2 and 7#b7 in section #bjc7;a77#a77;,c7 7#ab ,u4,s4,c4 #echc7;a77#a77;,c771 by striking ,director of the ,federal ,insurance ,office in each place it appears and inserting ,united ,states ,insurance ,representative4 7b7 ,economic ,growth1 ,regulatory ,relief1 and ,consumer ,protection ,act amendments ,section #baa7;a7 of the ,economic ,growth1 ,regulatory ,relief1 and ,consumer ,protection ,act 7#ca ,u4,s4,c4 #cac note7 is amended-- 7#a7 in paragraph 7#a71 by striking the ,secretary of the ,treasury1 ,board of ,governors of the ,federal ,reserve ,system1 and ,director of the ,federal ,insurance ,office and inserting the following3 the ,secretary of the ,treasury and the ,board of ,governors of the ,federal ,reserve ,system2 and 7#b7 in paragraph 7#b71 by striking the ,secretary of the ,treasury1 the ,board of ,governors of the ,federal ,reserve ,system1 and the ,director of the ,federal ,insurance ,office each place that term occurs and inserting the following3 the ,secretary of the ,treasury and the ,board of ,governors of the ,federal ,reserve ,system4 #e4 ,financial ,stability ,oversight ,council membership ,the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#ab ,u4,s4,c4 #ecja et seq47 is amended-- 7#a7 in section #aaa 7#ab ,u4,s4,c4 #ecba7-- 7,a7 in subsection 7b7-- 7i7 in paragraph 7#a7-- 7,i7 in subparagraph 7,i71 by striking and at the end2 7,,ii7 in subparagraph 7,j71 by striking the period at the end and inserting 2 and2 and 7,,iii7 by adding at the end the following3 7,k7 a ,state insurance commissioner appointed by the ,president1 by and with the advice and consent of the ,senate1 as described in paragraph 7#d74 2 7ii7 in paragraph 7#b7-- 7,i7 in subparagraph 7,b71 to read as follows3 7,b7 the ,united ,states ,insurance ,representative2 2 7,,ii7 by striking subparagraph 7,c72 and 7,,iii7 by redesignating subparagraphs 7,d7 and 7,e7 as subparagraphs 7,c7 and 7,d71 respectively2 and 7iii7 by adding at the end the following3 7#d7 ,appointment of ,state insurance commissioner 7,a7 ,in general ,before making any appointments pursuant to paragraph 7#a77,k71 the ,president shall request a list of recommended candidates from the ,states through the ,national ,association of ,insurance ,commissioners1 which shall not be binding on the ,president4 7,b7 ,failure of list submission ,if the ,national ,association of ,insurance ,commissioners fails to submit a list of recommendations not later than #ae business days after the date of the request1 the ,president may make the requisite appointment without considering the views of the ,national ,association of ,insurance ,commissioners4 2 and 7,b7 in subsection 7c7-- 7i7 in paragraph 7#a7-- 7,i7 by inserting 1 the ,state insurance commissioner shall serve a term of #d years after #f years2 and 7,,ii7 by striking 7,c71 7,d71 and 7,e7 and inserting 7,c7 and 7,d72 and 7ii7 by adding at the end the following3 7#e7 ,acting ,state insurance commissioner may serve 7,a7 ,in general ,notwithstanding section #ccde of title #e1 ,united ,states ,code1 in the event of a vacancy of the ,state insurance commissioner of the ,council or during the absence or disability of the ,state insurance commissioner of the ,council1 an acting ,state insurance commissioner of the ,council shall serve as a nonvoting member of the ,council until a successor is appointed and confirmed4 7,b7 ,selection of acting ,state insurance commissioner ,the acting ,state insurance commissioner described in subparagraph 7,a7 shall be selected through process determined by the ,national ,association of ,insurance ,commissioners4 7#f7 ,term of ,state insurance commissioner ,notwithstanding paragraph 7#a71 if a successor to the ,state insurance commissioner of the ,council is not appointed and confirmed by the end of the term of service of the commissioner1 such member may continue to serve until the earlier of-- 7,a7 #ah months after the date on which the term of service ends2 or 7,b7 the date on which a successor to the commissioner is appointed and confirmed4 1 and 7#b7 in section #aab 7#ab ,u4,s4,c4 #ecbb7-- 7,a7 in subsection 7a77#b77;,a71 by striking member agencies1 other ,federal and ,state financial regulatory agencies1 the ,federal ,insurance ,office and inserting the following3 member agencies and other ,federal and ,state financial regulatory agencies2 and 7,b7 in subsection 7d7-- 7i7 in paragraph 7#a71 in the matter preceding subparagraph 7,a71 by striking the ,office of ,financial ,research1 member agencies1 and the ,federal ,insurance ,office and inserting the ,office of ,financial ,research and member agencies2 and 7ii7 in paragraph 7#b71 by striking 1 any member agency1 and the ,federal ,insurance ,office1 and inserting and any member agency4