Draft Bill Would Protect State Regulation
Reps. Sean Duffy (R-Wis.) and Denny Heck (D-Wash.) have issued a discussion draft of a bill designed to preserve the state-based system of insurance regulation and provide greater oversight and transparency on international insurance standards setting processes.
“Our state-based system of insurance regulation has worked well for more than 150 years and should be held up as a model to be supported by our negotiators in international forums,” said Duffy. The International Insurance Standards Act would require that international insurance agreements reflect U.S. policy and ensure that state insurance regulators are included throughout the negotiations of covered agreements and international insurance agreements.
The act also would enhance Congressional consultation and review of international insurance agreements and require that covered agreements not include new prudential requirements for U.S. insurers. Finally, it would treat international insurance agreements and covered agreements as rules for the purposes of the Congressional Review Act. The full text of the International Insurance Standards Act can be found here.