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Wednesday, June 15, 2016

Representative Royce Offers Amendment to H.R. 5143, the "Transparent Insurance Standards Act of 2016"

Yesterday, U.S. Representative Ed Royce (R-CA) offered an amendment to Rep. Luetkemeyer's H.R. 5143, the "Transparent Insurance Standards Act of 2016".

The amendment defines “State insurance commissioner” as already included in U.S. Code [(15 U.S.C. 6754(c)(4))] as “a person who serves in the position in State government, or on the board, commission, or other body that is the primary insurance regulatory authority for the State.” This language was included in NARAB as part of the Terrorism Risk Insurance Act reauthorization that passed the House at the start of this Congress.

While this definition would prohibit someone other than an insurance commissioner from acting as a commissioner during required consultation and negotiations with the Chairman of the Federal Reserve, the Secretary of Treasury and the USTR, it does not prevent outside organizations and individuals from providing technical assistance during international discussions.