HR 5840 IHCommentsClose CommentsPermalink

To establish an Office of Insurance Information in the Department of the Treasury.CommentsClose CommentsPermalink

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 ServicesCommentsClose CommentsPermalink

To establish an Office of Insurance Information in the Department of the Treasury.CommentsClose CommentsPermalink

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,CommentsClose CommentsPermalink

SECTION 1. SHORT TITLE.

This Act may be cited as the `Insurance Information Act of 2008'.CommentsClose CommentsPermalink

SEC. 2. OFFICE OF INSURANCE INFORMATION.

(a) Duties of Secretary- Section 321(a) of title 31, United States Code, is amended--CommentsClose CommentsPermalink





(1) in paragraph (7), by striking `and' at the end;CommentsClose CommentsPermalink





(2) in paragraph (8)(C), by striking the period at the end and inserting `; and'; andCommentsClose CommentsPermalink





(3) by adding at the end the following new paragraph:CommentsClose CommentsPermalink





`(9) advise the President and the Congress on domestic and international policy issues in connection with all lines of insurance except health insurance.'.CommentsClose CommentsPermalink





(b) Establishment of Office- Subchapter I of chapter 3 of title 31, United States Code, is amended--CommentsClose CommentsPermalink





(1) by transferring and inserting section 312 after section 313;CommentsClose CommentsPermalink





(2) by redesignating sections 313 and 312 (as so transferred) as sections 312 and 314, respectively; andCommentsClose CommentsPermalink





(3) by inserting after section 312 (as so redesignated) the following new section:CommentsClose CommentsPermalink

`SEC. 313. OFFICE OF INSURANCE INFORMATION.

`(a) Establishment- There is established within the Department of the Treasury the Office of Insurance Information (in this section referred to as the `Office').CommentsClose CommentsPermalink





`(b) 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.CommentsClose CommentsPermalink





`(c) Functions- The Deputy Assistant Secretary who is the head of the Office shall have the authority--CommentsClose CommentsPermalink





`(1) pursuant to the direction of the Secretary--CommentsClose CommentsPermalink





`(A) to receive, analyze, collect, and disseminate publicly available data and information and issue reports regarding all lines of insurance except health insurance; andCommentsClose CommentsPermalink





`(B) 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; andCommentsClose CommentsPermalink





`(2) 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.CommentsClose CommentsPermalink





`(d) 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.CommentsClose CommentsPermalink





`(e) Preemption of State Law-CommentsClose CommentsPermalink





`(1) 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.CommentsClose CommentsPermalink





`(2) 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.CommentsClose CommentsPermalink





`(3) ADMINISTRATIVE REVIEW- The State shall have the right to appeal any determination of inconsistency pursuant to paragraph (2) to the Secretary.CommentsClose CommentsPermalink





`(4) LIMITATION- No State may enforce any insurance law or regulation that has been preempted pursuant to this subsection.CommentsClose CommentsPermalink





`(f) 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.CommentsClose CommentsPermalink





`(g) 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.CommentsClose CommentsPermalink





`(h) 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.CommentsClose CommentsPermalink





`(i) Advisory Group-CommentsClose CommentsPermalink





`(1) ESTABLISHMENT- There is hereby established the Advisory Group to the Office of Insurance Information.CommentsClose CommentsPermalink





`(2) 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.CommentsClose CommentsPermalink





`(3) 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).CommentsClose CommentsPermalink





`(j) Authorization of Appropriations- There are authorized to be appropriated for the Office such sums as may be necessary for each fiscal year.'.CommentsClose CommentsPermalink





(c) 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,'.CommentsClose CommentsPermalink





(d) 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:CommentsClose CommentsPermalink





`Sec. 312. Terrorism and Financial Intelligence.CommentsClose CommentsPermalink





`Sec. 313. Office of Insurance Information.CommentsClose CommentsPermalink





`Sec. 314. Continuing in office.'.CommentsClose CommentsPermalink