HR 5840
110th CONGRESS
2d Session
H. R. 5840
To establish an Office of Insurance Information in the Department
of the Treasury.
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.
Be it enacted by the Senate and House of Representatives of the United
States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the `Insurance Information Act of 2008'.
SEC. 2. OFFICE OF INSURANCE INFORMATION.
(a) Duties of Secretary- Section 321(a) of title 31, United States Code, is
amended--
(1) in paragraph (7), by striking `and' at the end;
(2) in paragraph (8)(C), by striking the period at the end and inserting
`; and'; and
(3) by adding at the end the following new paragraph:
`(9) advise the President and the Congress on domestic and international
policy issues in connection with all lines of insurance except health insurance.'.
(b) Establishment of Office- Subchapter I of chapter 3 of title 31, United
States Code, is amended--
(1) by transferring and inserting section 312 after section 313;
(2) by redesignating sections 313 and 312 (as so transferred) as sections
312 and 314, respectively; and
(3) by inserting after section 312 (as so redesignated) the following new
section:
`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').
`(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.
`(c) Functions- The Deputy Assistant Secretary who is the head of the Office
shall have the authority--
`(1) pursuant to the direction of the Secretary--
`(A) to receive, analyze, collect, and disseminate publicly available
data and information and issue reports regarding all lines of insurance
except health insurance; and
`(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; and
`(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.
`(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.
`(e) Preemption of State Law-
`(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.
`(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.
`(3) ADMINISTRATIVE REVIEW- The State shall have the right to appeal any
determination of inconsistency pursuant to paragraph (2) to the Secretary.
`(4) LIMITATION- No State may enforce any insurance law or regulation that
has been preempted pursuant to this subsection.
`(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.
`(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.
`(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.
`(1) ESTABLISHMENT- There is hereby established the Advisory Group to the
Office of Insurance Information.
`(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.
`(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).
`(j) Authorization of Appropriations- There are authorized to be appropriated
for the Office such sums as may be necessary for each fiscal year.'.
(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,'.
(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:
`Sec. 312. Terrorism and Financial Intelligence.
`Sec. 313. Office of Insurance Information.
`Sec. 314. Continuing in office.'.
END
