I
110th CONGRESS
2d Session
H. R. 5840
IN THE HOUSE OF REPRESENTATIVES
April 17, 2008
Mr. Kanjorski (for himself, Ms. Bean, Mr. Royce, Mr. Moore of Kansas, and Ms. Pryce of Ohio) introduced the following bill; which was referred to the Committee on Financial Services
A BILL
To establish an Office of Insurance Information in the Department of the Treasury.
Short title
This Act may be cited as the
Insurance Information Act of
2008
.
Office of Insurance Information
Duties of Secretary
Section 321(a) of title 31, United States Code, is amended—
in
paragraph (7), by striking and
at the end;
in paragraph
(8)(C), by striking the period at the end and inserting ; and
;
and
by adding at the end the following new paragraph:
advise the President and the Congress on domestic and international policy issues in connection with all lines of insurance except health insurance.
.
Establishment of Office
Subchapter I of chapter 3 of title 31, United States Code, is amended—
by transferring and inserting section 312 after section 313;
by redesignating sections 313 and 312 (as so transferred) as sections 312 and 314, respectively; and
by inserting after section 312 (as so redesignated) the following new section:
Office of Insurance Information
Establishment
There is established within the Department
of the Treasury the Office of Insurance Information (in this section referred
to as the Office
).
Leadership
The Office shall be headed by a Deputy Assistant Secretary, who shall be appointed by the Secretary of the Treasury. The position of such Deputy Assistant Secretary shall be a career reserved position in the Senior Executive Service.
Functions
The Deputy Assistant Secretary who is the head of the Office shall have the authority—
pursuant to the direction of the Secretary—
to receive, analyze, collect, and disseminate publicly available data and information and issue reports regarding all lines of insurance except health insurance; and
to establish Federal policy on international insurance matters and ensure that State insurance laws are consistent with agreements relating to such Federal policy entered into by the United States or on its behalf by a designated representative (including the Secretary of the Treasury and the United States Trade Representative) with a foreign government or regulatory entity; and
to advise the Secretary on major domestic and international insurance policy issues, including matters that affect consumers and insurers, such as bond insurance and other financial guarantee insurance, private mortgage insurance, catastrophe insurance, and reinsurance collateral requirements.
Scope
The authority of the Office and the Deputy Assistant Secretary with respect to insurance shall extend to all lines of insurance except health insurance.
Preemption of State law
Standard
Any law or regulation of any State is preempted to the extent that such law or regulation is inconsistent with Federal policy on international insurance matters set forth in an agreement entered into by the United States or on its behalf by a designated representative (including the Secretary of the Treasury and the United States Trade Representative) with a foreign government or regulatory entity.
Determination
Pursuant to the direction of the Secretary, the Deputy Assistant Secretary is authorized to determine whether inconsistencies referred to in paragraph (1) exist and, in the case of any such determination, shall notify the appropriate State of such determination.
Administrative review
The State shall have the right to appeal any determination of inconsistency pursuant to paragraph (2) to the Secretary.
Limitation
No State may enforce any insurance law or regulation that has been preempted pursuant to this subsection.
Reports to Congress
The Deputy Assistant Secretary who is the head of the Office shall submit a report during each Congress to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate on the financial state of the insurance industry, meaningful trends in the industry, any actions taken by the Office pursuant to subsection (e) (regarding preemption of inconsistent State laws), and any other information as deemed relevant by the Deputy Assistant Secretary or as requested by such Committees.
Use of existing resources
The Office may employ personnel, facilities, and other Department of the Treasury resources available to the Secretary on the date of enactment of the Insurance Information Act of 2008 in carrying out this section, except as otherwise prohibited by law.
Retention of existing regulatory authority
Except to the extent necessary to satisfy the requirements, obligations, and powers granted under this section and the Insurance Information Act of 2008, nothing in this section may be construed to establish any general supervisory or regulatory authority of the Office or the Department of the Treasury over any insurer.
Advisory group
Establishment
There is hereby established the Advisory Group to the Office of Insurance Information.
Membership
The Advisory Group shall consist of no more than 9 members who shall be appointed by the Secretary, and shall include representatives of the National Association of Insurance Commissioners, the Department of Commerce, and the Office of the United States Trade Representative, and such representatives of the insurance industry, consumer groups, and other organizations as the Secretary determines are appropriate.
Duties
The Advisory Group shall make recommendations to the Secretary and the Deputy Assistant Secretary who is the head of the Office regarding the function of the Office under subsection (c)(1)(B) and determinations pursuant to subsection (e)(2).
Authorization of appropriations
There are authorized to be appropriated for the Office such sums as may be necessary for each fiscal year.
.
Independence in congressional testimony and recommendations
Section 111 of Public Law 93–495 (12 U.S.C.
250) is amended by inserting ‘‘the Deputy Assistant Secretary of the Treasury
who is the head of the Office of Insurance Information of the Department of the
Treasury,’’ after Office of Thrift Supervision,
.
Clerical amendment
The table of sections for subchapter I of chapter 3 of title 31, United States Code, is amended by striking the item relating to section 312 and inserting the following new items:
Sec. 312. Terrorism and Financial Intelligence.
Sec. 313. Office of Insurance Information.
Sec. 314. Continuing in office.
.