Sec. 7. Treatment of covered agreements
217 words·~1 min read·
/bill/114/hr/5143/eh/section-7A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 314 of title 31, United States Code is amended— in subsection (c)— by redesignating paragraphs
(1)and
(2)as paragraphs
(2)and (3), respectively; and by inserting before paragraph (2), as so redesignated, the following new paragraph: the Secretary of the Treasury and the United States Trade Representative have caused to be published in the Federal Register, and made available for public comment for a period of not fewer than 30 days (which period may run concurrently with the 90-day period for the covered agreement referred to in paragraph (3)), the proposed text of the covered agreement; ; and by adding at the end the following new subsections: In any negotiations regarding a contemplated covered agreement, the Secretary and the United States Trade Representative shall consult with and directly include State insurance commissioners. In accordance with subsections
(k)and
(l)of section 313, a covered agreement shall not be used to establish or provide the Federal Insurance Office or the Treasury with any general supervisory or regulatory authority over the business of insurance or with the authority to participate in a supervisory college or similar process. A covered agreement shall not be considered an international insurance standard for purposes of the Transparent Insurance Standards Act of 2016 and shall not be subject to such Act. .