S.Amdt. 2180

SA 2180. Mrs. MURRAY (for herself, Ms. Collins, Ms. Hassan, and Mrs.
Shaheen) submitted an amendment intended to be proposed by her to the
bill S. 2155, to promote economic growth, provide tailored regulatory
relief, and enhance consumer protections, and for other purposes; which
was ordered to lie on the table; as follows:

In section 212, redesignate subsection (c) as subsection
(e).
In section 212, insert after subsection (b) the following:
(c) Requirements for Consent to Adopt International Capital
Insurance Standards.--The Secretary of the Treasury and the
Board of Governors of the Federal Reserve System may not
agree to, accept, establish, enter into, or consent to the
adoption of a final international capital insurance standard
with an international standard-setting organization or a
foreign government, authority, or regulatory entity unless--
(1) the Secretary and the Chair of the Board of Governors
have, with respect to the text of the proposed final
international capital insurance standard--
(A) published the text in the Federal Register;
(B) made the text available for public comment for a period
of not less than 30 days; and
(C) submitted a copy of the text to the Committee on
Banking, Housing, and Urban Affairs of the Senate and the
Committee on Financial Services of the House of
Representatives on a date on which both Houses of Congress
are in session;
(2) the international capital insurance standard is not
inconsistent with capital requirements set forth in the
State-based system of insurance regulation;
(3) if the international capital insurance standard will
apply to a company supervised by the Board of Governors, the
international capital insurance standard is not inconsistent
with the capital requirements of the Board of Governors for
that company; and
(4) the international capital insurance standard recognizes
the system of insurance regulation in the United States as
satisfying the standard.
(d) Involvement of State Insurance Regulators.--During the
development and negotiation of any international capital
insurance standard or international insurance agreement,
including a covered agreement under section 314 of title 31,
United States Code, any party representing the United States
shall, on any matter relating to insurance, closely consult
and coordinate with, and include in any meeting with respect
to that development and negotiation--
(1) the State insurance commissioners; or
(2) a designee of the State insurance commissioners, who
shall act at the discretion of the State insurance
commissioners.
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