S. 1360 · 115th Congress
International Insurance Capital Standards Accountability Act of 2017
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Never voted on. It didn't reach a floor vote before the 115th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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International Insurance Capital Standards Accountability Act of 2017
What it does: CRS summary · Introduced in Senate · Jun 14, 2017
International Insurance Capital Standards Accountability Act of 2017
This bill directs the Federal Reserve Board (FRB) to establish the Insurance Policy Advisory Committee on International Capital Standards and Other Insurance Issues.
The bill prohibits the Department of the Treasury and the FRB from agreeing to an international capital insurance standard unless: (1) it meets specified notice and comment requirements, (2) it is consistent with current state-based capital requirements, and (3) it is consistent with any FRB capital requirements for an FRB-supervised company.
Treasury and the FRB must:
- report annually on their efforts with the National Association of Insurance Commissioners regarding global insurance regulatory or supervisory forums,
- study an international insurance capital standard's impact on U.S. markets and consumers before agreeing to its adoption, and
- report on their efforts to increase transparency at meetings of the International Association of Insurance Supervisors.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: International Insurance Capital Standards Accountability Act of 2017
Latest action (Jun 14, 2017): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Policy area: Finance and Financial Sector · Origin: Senate · Introduced: Jun 14, 2017
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.