The Bill “International Insurance Standards Act of 2018” Has Been Passed

Bill Passed: To preserve the State-based system of insurance regulation and provide greater oversight of and transparency on international insurance standards setting processes, and for other purposes.

The bill passed the House on Jul 10, 2018. The sponsor was (R) Representative Sean Duffy from WI.

Summary: International Insurance Standards Act of 2018 This bill prohibits parties representing the federal government in an international insurance agreement from agreeing to any standard unless it is consistent with the existing U.S. system of regulation. The parties must coordinate with state insurance regulators. Congress has the power to review and disapprove by joint resolution any such agreement. The bill amends the Federal Insurance Office Act of 2010 to modify requirements for a covered international agreement entered into by the Department of the Treasury’s Federal Insurance Office. Such an agreement must only apply on a prospective basis. Congress has the power to review and disapprove by joint resolution any covered agreement.

This bill is mainly related to these subjects; Finance and Financial Sector.

Bill Cosponsors

  • (D) Rep. Denny Heck from WA
  • (D) Rep. Brad Sherman from CA
  • (R) Rep. Dennis Ross from FL
  • (R) Rep. Ted Budd from NC
  • (D) Rep. Michael E. Capuano from MA
  • (R) Rep. Keith Rothfus from PA
  • (R) Rep. Claudia Tenney from NY
  • (R) Rep. Lee Zeldin from NY
  • (R) Rep. Mia Love from UT
  • (R) Rep. Roger Williams from TX
  • (R) Rep. Luke Messer from IN
  • (R) Rep. David Young from IA