,i  #aai? ,,congress  #b;d ,session  ,h4
 ,r4 #gacj  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,janu>y #af1 #bjbf,mr4
 ,d[n+ 7= himself1 ,mr4 ,fitzg]ald1 &   
,mr4 ,ogles7 introduc$ ! foll[+ bill2   
:i* 0 ref]r$ to ! ,committee on         
,f9ancial ,s]vices  ,a ,,bill  ,to      
elim9ate ! ,f$]al ,insurance ,(fice ( ! 
,dep>tm5t ( ! ,treasury & to e/abli% a  
,unit$ ,/ates ,insurance ,repres5tative 
)9 ! ,dep>tm5t ( ! ,treasury1 & = o!r   
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,mc,carran-,f]guson        
,re/oration ,act4  #b4 ,elim9ation (    
,f$]al ,insurance ,(fice  7a7 ,9 g5]al  
,! ,f$]al ,insurance ,(fice ( !         
,dep>tm5t ( ! ,treasury1 & ! position ( 
! ,director ( ! ,f$]al ,insurance       
,(fice1 are h]eby elim9at$4  7b7        
,treasury au?ority ,?is section may n be
 con/ru$ to repeal or o!rwise limit any 
au?ority ( ! ,secret>y ( ! ,treasury )  
respect matt]s relat+ to insurance4  #c4
 ,e/abli%m5t ( ,unit$ ,/ates ,insurance 
,repres5tative ,title #ca1 ,unit$ ,/ates

 ,code1 is am5d$-- 7#a7 9 ! table (     
sections = sub*apt] ,i ( *apt] #c1 by   
/rik+ ,f$]al ,insurance ,(fice & ins]t+ 
,unit$ ,/ates ,insurance ,repres5tative2
 &  7#b7 by am5d+ section #cac to read z
 foll[s3  #cac4 ,unit$ ,/ates ,insurance
 ,repres5tative  7a7 ,9 g5]al ,n lat]   
?an #a ye> aft] ! date ( ! enactm5t (   
?is section1 ! ,secret>y %all1 = !      
purpose ( c>ry+ out ?is section-- 7#a7  
appo9t an ,unit$ ,/ates ,insurance      
,repres5tative2 &  7#b7 hire & reta9    
individuals ) exp]tise 9 matt]s relat$  
to insurance4  7b7 ,duties ,! ,unit$    
,/ates ,insurance ,repres5tative %all-- 
7#a7 coord9ate ,f$]al ef=ts & develop   
,f$]al policy on prud5tial aspects (    
int]national insurance matt]s2  7#b7    
repres5t ! ,unit$ ,/ates ,dep>tm5t ( !  
,treasury1 z appropriate1 9 !           
,int]national ,association ( ,insurance 
,sup]visors 7or a successor entity72    
7#c7 assi/ ! ,secret>y 9 negotiat+ cov]$
 agreem5ts2  7#d7 det]m9e :e!r ,/ate    
insurance measures are preempt$ by cov]$

 agreem5ts2  7#e7 assi/ ! ,secret>y 9   
adm9i/]+ ! ,t]rorism ,insurance ,program
 e/abli%$ 9 ! ,dep>tm5t ( ! ,treasury "u
 ! ,t]rorism ,risk ,insurance ,act (    
#bjjb 7#ae ,u4,s4,c4 #fgja note72  7#f7 
consult ) ! ,/ates 7includ+ ,/ate       
insurance regulators7 ) respect to      
insurance matt]s ( national importance &
 prud5tial insurance matt]s (           
int]national importance2 &  7#g7 advise 
! ,secret>y on prud5tial int]national   
insurance policy issues4  7c7 ,scope ,! 
au?ority ( ! ,unit$ ,/ates ,insurance   
,repres5tative %all ext5d to prud5tial  
aspects ( all l9es ( insurance (f]$ 9 ! 
,unit$ ,/ates1 except-- 7#a7 heal?      
insurance1 z det]m9$ by ! ,secret>y 9   
coord9ation ) ! ,secret>y ( ,heal? &    
,human ,s]vices bas$ on section #bgia ( 
! ,public ,heal? ,s]vice ,act 7#db      
,u4,s4,c4 #cjj;gg-#ia72  7#b7 long-t]m  
c>e insurance1 except long-t]m c>e      
insurance t is includ$ ) life or annuity
 insurance compon5ts1 z det]m9$ by !    
,secret>y 9 coord9ation ) ! ,secret>y ( 

,heal? & ,human ,s]vices1 & 9 ! case (  
long-t]m c>e insurance t is includ$ )   
su* compon5ts1 ! ,secret>y %all         
coord9ate ) ! ,secret>y ( ,heal? &      
,human ,s]vices 9 p]=m+ ! functions "u  
?is p>agraph2 &  7#c7 crop insurance1 z 
e/abli%$ by ! ,f$]al ,crop ,insurance   
,act 7#g ,u4,s4,c4 #aeja et seq74  7d7  
,preemption ( ,/ate ,insurance ,measures
  7#a7 ,/&>d ,a ,/ate insurance measure 
%all be preempt$ pursuant to ?is        
p>agraph or section #cad if1 & only to !
 ext5t t ! ,unit$ ,/ates ,insurance     
,repres5tative det]m9es1 9 accordance ) 
?is p>agraph1 t ! measure-- 7,a7 results
 9 less favorable treatm5t ( a          
non-,unit$ ,/ates insur] domicil$ 9 a   
=eign jurisdiction t is subject to a    
cov]$ agreem5t ?an a ,unit$ ,/ates      
insur] domicil$1 lic5s$1 or o!rwise     
admitt$ 9 t ,/ate2 &  7,b7 is inconsi/5t
 ) a cov]$ agreem5t4  7#b7 ,det]m9ation 
7,a7 ,notice ( pot5tial inconsi/5cy     
,be=e mak+ any det]m9ation "u p>agraph  
7#a71 ! ,unit$ ,/ates ,insurance        

,repres5tative %all-- 7i7 notify &      
consult ) ! appropriate ,/ate reg>d+ any
 pot5tial inconsi/5cy or preemption2    
7ii7 notify & consult ) ! ,unit$ ,/ates 
,trade ,repres5tative reg>d+ any        
pot5tial inconsi/5cy or preemption2     
7iii7 publi% 9 ! ,f$]al ,regi/] a notice
 ( ! pot5tial inconsi/5cy or preemption1
 includ+ a description ( ea* ,/ate      
insurance measure at issue & any        
applicable cov]$ agreem5t2  7iv7 provide
 int]e/$ p>ties a reasonable opportunity
 to submit writt5 comm5ts to ! ,unit$   
,/ates ,insurance ,repres5tative2 &  7v7
 consid] any comm5ts receiv$4  7,b7     
,scope ( review ,= purposes ( ?is       
subsection1 any det]m9ation ( ! ,unit$  
,/ates ,insurance ,repres5tative reg>d+ 
,/ate insurance measures1 & any         
preemption "u clause 7i7 z a result (   
su* det]m9ation1 %all be limit$ to !    
subject matt] conta9$ )9 ! cov]$        
agreem5t involv$ & %all a*ieve a level (
 protection = insurance or re9surance   
consum]s t is sub/antially equival5t to 

! level ( protection a*iev$ "u ,/ate    
insurance or re9surance regulation4     
7,c7 ,notice ( det]m9ation ( inconsi/5cy
 ,^u mak+ any det]m9ation "u p>agraph   
7#a71 ! ,unit$ ,/ates ,insurance        
,repres5tative %all-- 7i7 notify !      
appropriate ,/ate ( ! det]m9ation & !   
ext5t ( ! inconsi/5cy2  7ii7 e/abli% a  
reasonable p]iod ( "t1 :i* %all n be    
less ?an #cj days1 be=e ! det]m9ation   
%all become effective2 &  7iii7 notify !
 ,committees on ,f9ancial ,s]vices &    
,ways & ,means ( ! ,h\se (              
,repres5tatives & ! ,committees on      
,bank+1 ,h\s+1 & ,urban ,affairs &      
,f9ance ( ! ,s5ate4  7#c7 ,notice (     
effectiv5ess ,^u ! conclusion ( ! p]iod 
ref]r$ to 9 p>agraph 7#b77;,c77ii71 if !
 basis = su* det]m9ation /ill exi/s1 !  
det]m9ation %all become effective & !   
,unit$ ,/ates ,insurance ,repres5tative 
%all-- 7,a7 publi% a notice 9 ! ,f$]al  
,regi/] t ! preemption has become       
effective1 z well z ! effective date2 & 
7,b7 notify ! appropriate ,/ate ( !     

preemption ( ! ,/ate measure4  7#d7     
,limitation ,no ,/ate may en=ce a ,/ate 
insurance measure t has be5 preempt$ "u 
?is subp>agraph4  7e7 ,applicability (  
,adm9i/rative ,proc$ures ,act           
,det]m9ations ( "u subsection 7d7 %all  
be subject to ! applicable provisions ( 
sub*apt] ,,ii ( *apt] #e ( title #e1    
,unit$ ,/ates ,code 7relat+ to          
adm9i/rative proc$ure71 & *apt] #g ( su*
 title 7relat+ to judicial review71     
except t 9 any action = judicial review 
( a det]m9ation ( inconsi/5cy1 ! c\rt   
%all det]m9e ! matt] de novo4  7f7      
,regulations1 policies1 & proc$ures ,!  
,secret>y may issue ord]s1 regulations1 
policies1 & proc$ures to implem5t ?is   
p>agraph4  7g7 ,consultation ,! ,unit$  
,/ates ,insurance ,repres5tative %all   
consult ) ,/ate insurance regulators1   
individually or collectively1 to ! ext5t
 ! ,unit$ ,/ates ,insurance             
,repres5tative det]m9es appropriate1 9  
c>ry+ out ?is p>agraph4  7h7 ,rules (   
con/ruction ,no?+ 9 ?is p>agraph or     

section #cad %all be con/ru$ to-- 7#a7  
alt]1 am5d1 or limit any provision ( !  
,consum] ,f9ancial ,protection ,ag5cy   
,act ( #bjaj2  7#b7 affect ! preemption 
( any ,/ate insurance measure o!rwise   
inconsi/5t ) & preempt$ by ,f$]al law2  
7#c7 preempt-- 7,a7 any ,/ate insurance 
measure t gov]ns any insur]'s rates1    
premiums1 und]writ+1 or sales practices2
  7,b7 any ,/ate cov]age requirem5ts =  
insurance2  7,c7 ! application ( !      
antitru/ laws ( any ,/ate to ! bus9ess (
 insurance2 or  7,d7 any ,/ate insurance
 measure gov]n+ ! capital or solv5cy (  
an insur]1 except to ! ext5t t su* ,/ate
 insurance measure results 9 less       
favorable treatm5t ( a non-,unit$ ,/ates
 insur] ?an a ,unit$ ,/ates insur]2     
7#d7 provide ! ,unit$ ,/ates ,insurance 
,repres5tative or ! ,dep>tm5t ( !       
,treasury ) g5]al sup]visory or         
regulatory au?ority ov] ! bus9ess (     
insurance2  7#e7 limit ! au?ority ( any 
,f$]al f9ancial regulatory ag5cy1       
includ+ ! au?ority to develop &         

coord9ate policy1 negotiate1 & ent] into
 agreem5ts ) =eign gov]nm5ts1           
au?orities1 regulators1 & mult9ational  
regulatory committees & to preempt ,/ate
 measures to affect uni=mity )          
int]national regulatory agreem5ts2 or   
7#f7 affect ! au?ority ( ! ,(fice ( !   
,unit$ ,/ates ,trade ,repres5tative     
pursuant to section #ada ( ! ,trade ,act
 ( #aigd 7#ai ,u4,s4,c4 #baga7 or any   
o!r provision ( law1 includ+ au?ority   
ov] ! developm5t & coord9ation ( ,unit$ 
,/ates int]national trade policy & !    
adm9i/ration ( ! ,unit$ ,/ates trade    
agreem5ts program4  7i7 ,annual report  
to ,congress  7#a7 ,preemption reports  
,beg9n+ on ! date t is #b ye>s aft] !   
date ( ! enactm5t ( ?is p>agraph1 &     
annually !reaft]1 ! ,unit$ ,/ates       
,insurance ,repres5tative %all submit a 
report to ! ,presid5t & to ! ,committees
 on ,f9ancial ,s]vices & ,ways & ,means 
( ! ,h\se ( ,repres5tatives & !         
,committees on ,bank+1 ,h\s+1 & ,urban  
,affairs & ,f9ance ( ! ,s5ate on any    

actions tak5 dur+ ! prec$+ #a-ye> p]iod 
by ! ,repres5tative pursuant to         
subsection 7d74  7#b7 ,int]national     
insurance reports ,n lat] ?an #b ye>s   
aft] ! date ( ! enactm5t ( ?is p>agraph1
 ! ,unit$ ,/ates ,insurance             
,repres5tative %all conduct a /udy &    
submit a report to ! ,congress t        
describes-- 7,a7 any int]national       
coord9ation ( insurance regulation2 &   
7,b7 ! int]national competitiv5ess (    
,unit$ ,/ates insur]s4  7j7 ,use (      
,exi/+ ,res\rces ,to c>ry out ?is       
p>agraph1 ! ,unit$ ,/ates ,insurance    
,repres5tative may use p]sonnel1        
facilities1 & any o!r res\rce ( !       
,dep>tm5t ( ! ,treasury t are available 
to ! ,secret>y4  7k7 ,def9itions ,9 ?is 
p>agraph & section #cad1 ! foll[+       
def9itions %all apply3 7#a7 ,cov]$      
agreem5t ,! t]m cov]$ agreem5t means a  
writt5 bilat]al or multilat]al agreem5t 
reg>d+ prud5tial measures ) respect to !
 bus9ess ( insurance or re9surance t--  
7,a7 is ent]$ into betwe5 ! ,unit$      

,/ates & "o or m =eign gov]nm5ts1       
au?orities1 or regulatory entities2 &   
7,b7 relates to ! recognition (         
prud5tial measures ) respect to !       
bus9ess ( insurance or re9surance t     
a*ieves a level ( protection = insurance
 or re9surance consum]s t is            
sub/antially equival5t to ! level (     
protection a*iev$ "u ,/ate insurance or 
re9surance regulation4  7#b7 ,insur] ,! 
t]m insur] means any p]son engag$ 9 !   
bus9ess ( insurance1 includ+ re9surance4
  7#c7 ,f$]al f9ancial regulatory ag5cy 
,! t]m ,f$]al f9ancial regulatory ag5cy 
means ! ,dep>tm5t ( ! ,treasury1 ! ,bo>d
 ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 
! ,(fice ( ! ,comptroll] ( ! ,curr5cy1 !
 ,(fice ( ,?rift ,sup]vision1 !         
,securities & ,ex*ange ,commission1 !   
,commodity ,futures ,trad+ ,commission1 
! ,f$]al ,deposit ,insurance            
,corporation1 ! ,f$]al ,h\s+ ,f9ance    
,ag5cy1 or ! ,national ,cr$it ,union    
,adm9i/ration4  7#d7 ,non-unit$ /ates   
insur] ,! t]m non-,unit$ ,/ates insur]  

means an insur] t is organiz$ "u ! laws 
( a jurisdiction o!r ?an a ,/ate1 b does
 n include any ,unit$ ,/ates bran* ( su*
 an insur]4  7#e7 ,/ate insurance       
measure ,! t]m ,/ate insurance measure  
means any ,/ate law1 regulation1        
adm9i/rative rul+1 bullet91 guidel9e1 or
 practice relat+ to or affect+ prud5tial
 measures applicable to insurance or    
re9surance4  7#f7 ,/ate insurance       
regulator ,! t]m ,/ate insurance        
regulator means any ,/ate regulatory    
au?ority responsible = ! sup]vision (   
insur]s4  7#g7 ,sub/antially equival5t  
to ! level ( protection a*iev$ ,! t]m   
sub/antially equival5t to ! level (     
protection a*iev$ means ! prud5tial     
measures ( a =eign gov]nm5t1 au?ority1  
or regulatory entity a*ieve a simil>    
outcome 9 consum] protection z ! outcome
 a*iev$ "u ,/ate insurance or re9surance
 regulation4  7#h7 ,unit$ /ates insur]  
,! t]m ,unit$ ,/ates insur] means-- 7,a7
 an insur] t is organiz$ "u ! laws ( a  
,/ate2 or  7,b7 a ,unit$ ,/ates bran* ( 

a non-,unit$ ,/ates insur]4  4  #d4     
,relat$ am5dm5ts to elim9ation ( ,f$]al 
,insurance ,(fice  7a7 ,dodd-,frank     
,wall ,/reet ,re=m & ,consum]           
,protection ,act am5dm5ts ,!            
,dodd-,frank ,wall ,/reet ,re=m &       
,consum] ,protection ,act 7#ab ,u4,s4,c4
 #ecja et seq47 is am5d$-- 7#a7 9       
section #afe7;i7 7#ab ,u4,s4,c4         
#ecfe7;i77-- 7,a7 9 p>agraph 7#a77;,a71 
by /rik+ & ! ,f$]al ,insurance ,(fice & 
ins]t+ & ! ,secret>y ( ! ,treasury2 &   
7,b7 9 p>agraph 7#b77;,c71 9 ! matt]    
prec$+ clause 7i71 by /rik+ & ! ,f$]al  
,insurance ,(fice & ins]t+ & ! ,secret>y
 ( ! ,treasury2 &  7#b7 9 section       
#bjc7;a77#a77;,c7 7#ab ,u4,s4,c4        
#echc7;a77#a77;,c771 by /rik+ ,director 
( ! ,f$]al ,insurance ,(fice 9 ea* place
 x appe>s & ins]t+ ,unit$ ,/ates        
,insurance ,repres5tative4  7b7         
,economic ,gr[?1 ,regulatory ,relief1 & 
,consum] ,protection ,act am5dm5ts      
,section #baa7;a7 ( ! ,economic ,gr[?1  
,regulatory ,relief1 & ,consum]         

,protection ,act 7#ca ,u4,s4,c4 #cac    
note7 is am5d$-- 7#a7 9 p>agraph 7#a71  
by /rik+ ! ,secret>y ( ! ,treasury1     
,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve    
,sy/em1 & ,director ( ! ,f$]al          
,insurance ,(fice & ins]t+ ! foll[+3 !  
,secret>y ( ! ,treasury & ! ,bo>d (     
,gov]nors ( ! ,f$]al ,res]ve ,sy/em2 &  
7#b7 9 p>agraph 7#b71 by /rik+ !        
,secret>y ( ! ,treasury1 ! ,bo>d (      
,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 & !
 ,director ( ! ,f$]al ,insurance ,(fice 
ea* place t t]m occurs & ins]t+ !       
foll[+3 ! ,secret>y ( ! ,treasury & !   
,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve    
,sy/em4  #e4 ,f9ancial ,/ability        
,ov]sight ,c\ncil memb]%ip ,!           
,dodd-,frank ,wall ,/reet ,re=m &       
,consum] ,protection ,act 7#ab ,u4,s4,c4
 #ecja et seq47 is am5d$-- 7#a7 9       
section #aaa 7#ab ,u4,s4,c4 #ecba7--    
7,a7 9 subsection 7b7-- 7i7 9 p>agraph  
7#a7-- 7,i7 9 subp>agraph 7,i71 by /rik+
 & at ! end2  7,,ii7 9 subp>agraph 7,j71
 by /rik+ ! p]iod at ! end & ins]t+ 2 &2

 &  7,,iii7 by add+ at ! end ! foll[+3  
7,k7 a ,/ate insurance commission]      
appo9t$ by ! ,presid5t1 by & ) ! advice 
& cons5t ( ! ,s5ate1 z describ$ 9       
p>agraph 7#d74  2  7ii7 9 p>agraph      
7#b7-- 7,i7 9 subp>agraph 7,b71 to read 
z foll[s3  7,b7 ! ,unit$ ,/ates         
,insurance ,repres5tative2  2  7,,ii7 by
 /rik+ subp>agraph 7,c72 &  7,,iii7 by  
r$esignat+ subp>agraphs 7,d7 & 7,e7 z   
subp>agraphs 7,c7 & 7,d71 respectively2 
&  7iii7 by add+ at ! end ! foll[+3     
7#d7 ,appo9tm5t ( ,/ate insurance       
commission]  7,a7 ,9 g5]al ,be=e mak+   
any appo9tm5ts pursuant to p>agraph     
7#a77,k71 ! ,presid5t %all reque/ a li/ 
( recomm5d$ c&idates f ! ,/ates ?r\gh ! 
,national ,association ( ,insurance     
,commission]s1 :i* %all n be b9d+ on !  
,presid5t4  7,b7 ,failure ( li/         
submission ,if ! ,national ,association 
( ,insurance ,commission]s fails to     
submit a li/ ( recomm5dations n lat] ?an
 #ae bus9ess days aft] ! date ( !       
reque/1 ! ,presid5t may make ! requisite

 appo9tm5t )\t consid]+ ! views ( !     
,national ,association ( ,insurance     
,commission]s4  2 &  7,b7 9 subsection  
7c7-- 7i7 9 p>agraph 7#a7-- 7,i7 by     
ins]t+ 1 ! ,/ate insurance commission]  
%all s]ve a t]m ( #d ye>s aft] #f ye>s2 
&  7,,ii7 by /rik+ 7,c71 7,d71 & 7,e7 & 
ins]t+ 7,c7 & 7,d72 &  7ii7 by add+ at !
 end ! foll[+3  7#e7 ,act+ ,/ate        
insurance commission] may s]ve  7,a7 ,9 
g5]al ,not)/&+ section #ccde ( title #e1
 ,unit$ ,/ates ,code1 9 ! ev5t ( a      
vacancy ( ! ,/ate insurance commission] 
( ! ,c\ncil or dur+ ! abs5ce or         
disability ( ! ,/ate insurance          
commission] ( ! ,c\ncil1 an act+ ,/ate  
insurance commission] ( ! ,c\ncil %all  
s]ve z a nonvot+ memb] ( ! ,c\ncil until
 a successor is appo9t$ & confirm$4     
7,b7 ,selection ( act+ ,/ate insurance  
commission] ,! act+ ,/ate insurance     
commission] describ$ 9 subp>agraph 7,a7 
%all be select$ ?r\gh process det]m9$ by
 ! ,national ,association ( ,insurance  
,commission]s4  7#f7 ,t]m ( ,/ate       

insurance commission] ,not)/&+ p>agraph 
7#a71 if a successor to ! ,/ate         
insurance commission] ( ! ,c\ncil is n  
appo9t$ & confirm$ by ! end ( ! t]m (   
s]vice ( ! commission]1 su* memb] may   
cont9ue to s]ve until ! e>li] (-- 7,a7  
#ah mon?s aft] ! date on :i* ! t]m (    
s]vice ends2 or  7,b7 ! date on :i* a   
successor to ! commission] is appo9t$ & 
confirm$4  1 &  7#b7 9 section #aab 7#ab
 ,u4,s4,c4 #ecbb7-- 7,a7 9 subsection   
7a77#b77;,a71 by /rik+ memb] ag5cies1   
o!r ,f$]al & ,/ate f9ancial regulatory  
ag5cies1 ! ,f$]al ,insurance ,(fice &   
ins]t+ ! foll[+3 memb] ag5cies & o!r    
,f$]al & ,/ate f9ancial regulatory      
ag5cies2 &  7,b7 9 subsection 7d7-- 7i7 
9 p>agraph 7#a71 9 ! matt] prec$+       
subp>agraph 7,a71 by /rik+ ! ,(fice (   
,f9ancial ,rese>*1 memb] ag5cies1 & !   
,f$]al ,insurance ,(fice & ins]t+ !     
,(fice ( ,f9ancial ,rese>* & memb]      
ag5cies2 &  7ii7 9 p>agraph 7#b71 by    
/rik+ 1 any memb] ag5cy1 & ! ,f$]al     
,insurance ,(fice1 & ins]t+ & any memb] 

ag5cy4