2011 US Code
Title 31 - Money and Finance
Subtitle I - GENERAL (§§ 101 - 903)
Chapter 3 - DEPARTMENT OF THE TREASURY (§§ 301 - 333)
Subchapter I - ORGANIZATION (§§ 301 - 315)
Section 313 - Federal Insurance Office
View MetadataPublication Title | United States Code, 2006 Edition, Supplement 5, Title 31 - MONEY AND FINANCE |
Category | Bills and Statutes |
Collection | United States Code |
SuDoc Class Number | Y 1.2/5: |
Contained Within | Title 31 - MONEY AND FINANCE SUBTITLE I - GENERAL CHAPTER 3 - DEPARTMENT OF THE TREASURY SUBCHAPTER I - ORGANIZATION Sec. 313 - Federal Insurance Office |
Contains | section 313 |
Date | 2011 |
Laws in Effect as of Date | January 3, 2012 |
Positive Law | Yes |
Disposition | standard |
Source Credit | Added Pub. L. 111-203, title V, §502(a)(3), July 21, 2010, 124 Stat. 1580. |
Statutes at Large References | 52 Stat. 72 116 Stat. 2322 124 Stat. 1580, 1376, 1391, 1589, 1955 |
Public Law References | Public Law 101-73, Public Law 107-297, Public Law 111-203 |
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(a)
(b)
(c)
(1)
(A) to monitor all aspects of the insurance industry, including identifying issues or gaps in the regulation of insurers that could contribute to a systemic crisis in the insurance industry or the United States financial system;
(B) to monitor the extent to which traditionally underserved communities and consumers, minorities (as such term is defined in section 1204(c) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 1811 note)), and low- and moderate-income persons have access to affordable insurance products regarding all lines of insurance, except health insurance;
(C) to recommend to the Financial Stability Oversight Council that it designate an insurer, including the affiliates of such insurer, as an entity subject to regulation as a nonbank financial company supervised by the Board of Governors pursuant to title I of the Dodd-Frank Wall Street Reform and Consumer Protection Act;
(D) to assist the Secretary in administering the Terrorism Insurance Program established in the Department of the Treasury under the Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note);
(E) to coordinate Federal efforts and develop Federal policy on prudential aspects of international insurance matters, including representing the United States, as appropriate, in the International Association of Insurance Supervisors (or a successor entity) and assisting the Secretary in negotiating covered agreements (as such term is defined in subsection (r));
(F) to determine, in accordance with subsection (f), whether State insurance measures are preempted by covered agreements;
(G) to consult with the States (including State insurance regulators) regarding insurance matters of national importance and prudential insurance matters of international importance; and
(H) to perform such other related duties and authorities as may be assigned to the Office by the Secretary.
(2)
(3)
(d)
(1) health insurance, as determined by the Secretary in coordination with the Secretary of Health and Human Services based on section 2791 of the Public Health Service Act (42 U.S.C. 300gg–91);
(2) long-term care insurance, except long-term care insurance that is included with life or annuity insurance components, as determined by the Secretary in coordination with the Secretary of Health and Human Services, and in the case of long-term care insurance that is included with such components, the Secretary shall coordinate with the Secretary of Health and Human Services in performing the functions of the Office; and
(3) crop insurance, as established by the Federal Crop Insurance Act (7 U.S.C. 1501 et seq.).
(e)
(1)
(A) receive and collect data and information on and from the insurance industry and insurers;
(B) enter into information-sharing agreements;
(C) analyze and disseminate data and information; and
(D) issue reports regarding all lines of insurance except health insurance.
(2)
(A)
(B)
(3)
(4)
(5)
(A)
(B)
(C)
(i) shall comply with applicable Federal law; and
(ii) shall not constitute a waiver of, or otherwise affect, any privilege under Federal or State law (including the rules of any Federal or State court) to which the data or information is otherwise subject.
(D)
(6)
(f)
(1)
(A) results in less favorable treatment of a non-United States insurer domiciled in a foreign jurisdiction that is subject to a covered agreement than a United States insurer domiciled, licensed, or otherwise admitted in that State; and
(B) is inconsistent with a covered agreement.
(2)
(A)
(i) notify and consult with the appropriate State regarding any potential inconsistency or preemption;
(ii) notify and consult with the United States Trade Representative regarding any potential inconsistency or preemption;
(iii) cause to be published in the Federal Register notice of the issue regarding the potential inconsistency or preemption, including a description of each State insurance measure at issue and any applicable covered agreement;
(iv) provide interested parties a reasonable opportunity to submit written comments to the Office; and
(v) consider any comments received.
(B)
(C)
(i) notify the appropriate State of the determination and the extent of the inconsistency;
(ii) establish a reasonable period of time, which shall not be less than 30 days, before the determination shall become effective; and
(iii) notify the Committees on Financial Services and Ways and Means of the House of Representatives and the Committees on Banking, Housing, and Urban Affairs and Finance of the Senate.
(3)
(A) cause to be published a notice in the Federal Register that the preemption has become effective, as well as the effective date; and
(B) notify the appropriate State.
(4)
(g)
(h)
(i)
(j)
(1) preempt—
(A) any State insurance measure that governs any insurer's rates, premiums, underwriting, or sales practices;
(B) any State coverage requirements for insurance;
(C) the application of the antitrust laws of any State to the business of insurance; or
(D) any State insurance measure governing the capital or solvency of an insurer, except to the extent that such State insurance measure results in less favorable treatment of a non-United State 1 insurer than a United States insurer;
(2) be construed to alter, amend, or limit any provision of the Consumer Financial Protection Agency Act of 2010; or
(3) affect the preemption of any State insurance measure otherwise inconsistent with and preempted by Federal law.
(k)
(l)
(m)
(n)
(1)
(2)
(o)
(1) a report received not later than September 30, 2012, describing the breadth and scope of the global reinsurance market and the critical role such market plays in supporting insurance in the United States; and
(2) a report received not later than January 1, 2013, and updated not later than January 1, 2015, describing the impact of part II of the Nonadmitted and Reinsurance Reform Act of 2010 on the ability of State regulators to access reinsurance information for regulated companies in their jurisdictions.
(p)
(1)
(2)
(A) Systemic risk regulation with respect to insurance.
(B) Capital standards and the relationship between capital allocation and liabilities, including standards relating to liquidity and duration risk.
(C) Consumer protection for insurance products and practices, including gaps in State regulation.
(D) The degree of national uniformity of State insurance regulation.
(E) The regulation of insurance companies and affiliates on a consolidated basis.
(F) International coordination of insurance regulation.
(3)
(A) The costs and benefits of potential Federal regulation of insurance across various lines of insurance (except health insurance).
(B) The feasibility of regulating only certain lines of insurance at the Federal level, while leaving other lines of insurance to be regulated at the State level.
(C) The ability of any potential Federal regulation or Federal regulators to eliminate or minimize regulatory arbitrage.
(D) The impact that developments in the regulation of insurance in foreign jurisdictions might have on the potential Federal regulation of insurance.
(E) The ability of any potential Federal regulation or Federal regulator to provide robust consumer protection for policyholders.
(F) The potential consequences of subjecting insurance companies to a Federal resolution authority, including the effects of any Federal resolution authority—
(i) on the operation of State insurance guaranty fund systems, including the loss of guaranty fund coverage if an insurance company is subject to a Federal resolution authority;
(ii) on policyholder protection, including the loss of the priority status of policyholder claims over other unsecured general creditor claims;
(iii) in the case of life insurance companies, on the loss of the special status of separate account assets and separate account liabilities; and
(iv) on the international competitiveness of insurance companies.
(G) Such other factors as the Director determines necessary or appropriate, consistent with the principles set forth in paragraph (2).
(4)
(5)
(q)
(r)
(1)
(2)
(A) is entered into between the United States and one or more foreign governments, authorities, or regulatory entities; and
(B) relates to the recognition of prudential measures with respect to the business of insurance or reinsurance that achieves a level of protection for insurance or reinsurance consumers that is substantially equivalent to the level of protection achieved under State insurance or reinsurance regulation.
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(A) an insurer that is organized under the laws of a State; or
(B) a United States branch of a non-United States insurer.
(s)
(Added Pub. L. 111–203, title V, §502(a)(3), July 21, 2010, 124 Stat. 1580.)
References in TextSection 1204(c) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, referred to in subsec. (c)(1)(B), is section 1204(c) of Pub. L. 101–73, which is set out as a note under section 1811 of Title 12, Banks and Banking.
The Dodd-Frank Wall Street Reform and Consumer Protection Act, referred to in subsec. (c)(1)(C), is Pub. L. 111–203, July 21, 2010, 124 Stat. 1376. Title I of the Act, known as the Financial Stability Act of 2010, is classified principally to subchapter I (§5311 et seq.) of chapter 53 of Title 12, Banks and Banking. For complete classification of this Act to the Code, see Short Title note set out under section 5301 of Title 12 and Tables.
The Terrorism Risk Insurance Act of 2002, referred to in subsec. (c)(1)(D), is Pub. L. 107–297, Nov. 26, 2002, 116 Stat. 2322. Title I of the Act, relating to the Terrorism Insurance Program, is set out as a note under section 6701 of Title 15, Commerce and Trade. For complete classification of this Act to the Code, see Short Title of 2002 Amendment note set out under section 6701 of Title 15 and Tables.
The Financial Stability Act of 2010, referred to in subsec. (c)(3), is title I of Pub. L. 111–203, July 21, 2010, 124 Stat. 1391, which is classified principally to subchapter I (§5311 et seq.) of chapter 53 of Title 12, Banks and Banking. For complete classification of this Act to the Code, see Short Title note set out under section 5301 of Title 12 and Tables.
The Federal Crop Insurance Act, referred to in subsec. (d)(3), is subtitle A of title V of act Feb. 16, 1938, ch. 30, 52 Stat. 72, which is classified generally to subchapter I (§1501 et seq.) of chapter 36 of Title 7, Agriculture. For complete classification of this Act to the Code, see section 1501 of Title 7 and Tables.
The Consumer Financial Protection Act of 2010, referred to in subsec. (j)(2), is title X of Pub. L. 111–203, July 21, 2010, 124 Stat. 1955, which enacted subchapter V (§5481 et seq.) of chapter 53 of Title 12, Banks and Banking, and enacted, amended, and repealed numerous other sections and notes in the Code. For complete classification of this Act to the Code, see Short Title note set out under section 5301 of Title 12 and Tables.
The Nonadmitted and Reinsurance Reform Act of 2010, referred to in subsec. (o)(2), is subtitle B (§§511–542) of title V of Pub. L. 111–203, July 21, 2010, 124 Stat. 1589. Part II of the Act is classified generally to subchapter II (§8221 et seq.) of chapter 108 of Title 15, Commerce and Trade. For complete classification of this Act to the Code, see Short Title note set out under section 8201 of Title 15 and Tables.
The date of enactment of this section, referred to subsec. (p)(1), is the date of enactment of Pub. L. 111–203, which was approved July 21, 2010.
Prior ProvisionsA prior section 313 was renumbered section 312 of this title.
Effective DateSection effective 1 day after July 21, 2010, except as otherwise provided, see section 4 of Pub. L. 111–203, set out as a note under section 5301 of Title 12, Banks and Banking.
1 So in original. Probably should be “States”.
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