Sec. 5. Reports
740 words·~3 min read·
/bill/114/hr/5143/rh/section-5A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The Secretary and the Chairman of the Board of Governors of the Federal Reserve System shall submit to the covered congressional committees an annual report and provide testimony, not less often than every 6 months, to the covered congressional committees on the efforts of the Secretary and the Chairman with the State insurance commissioners with respect to international insurance standard-setting organizations and international insurance standards, including— a description of the insurance standard-setting issues under discussion at international standard-setting bodies, including the Financial Stability Board and the International Association of Insurance Supervisors; a description of the effects that international insurance standards could have on consumers and insurance markets in the United States; a description of any position taken by the Secretary and the Board in international insurance discussions or on any international insurance standard; a description of the efforts by the Secretary and the Board to increase transparency and accountability at the Financial Stability Board with respect to insurance proposals and the International Association of Insurance Supervisors, including efforts to provide additional public access to working groups and committees of the International Association of Insurance Supervisors; and a description of how the Secretary and the Board are meeting the objectives set forth in section 3, or, if such objectives are not being met, an explanation of the reasons for not meeting such objectives.
The State insurance commissioners may provide testimony or reports to the Congress on the issues described in subsection (a). Not later than 180 days after the date of enactment of this Act, the Chairman of the Board of Governors of the Federal Reserve System and the Secretary shall submit to the Congress a report and provide testimony to the Congress on the efforts of the Chairman and the Secretary pursuant to subsection (a)(4) of this section to increase transparency at meetings of the International Association of Insurance Supervisors.
Not later than one year after the date of enactment of this Act, the Comptroller General of the United States shall submit to the covered congressional committees a report, and provide testimony to such committees, identifying and analyzing the transparency and accountability of any organization acting as a designee of, or at the direction of, the head of a State insurance department on issues related to international insurance standards, which is not employed directly by the State.
The report and testimony required under this section shall include a description and analysis of— the role, involvement, or relationship, of any organization identified pursuant to paragraph (1), of, with, or to the State insurance departments’ activities as authorized by, directed by, or otherwise referred to in this Act, including a description and analysis regarding such organization’s participation in policy and decision-making deliberations and activities related to international insurance standards; any financial support provided by such organization to any State insurance department personnel in furtherance of their activities related to international insurance standards, the nature and amount of such support, and any understandings between the organization and the State regarding travel protocols and State laws governing State officials' receipt of, benefitting from, or being subsidized by, outside funds; the budget, including revenues and expenses, of any organization identified pursuant to paragraph
(1)relating to participation in international insurance discussions on issues before, involving, or relating to the International Association of Insurance Supervisors, the Financial Stability Board, or any other international forum of financial regulators or supervisors that considers such issues, and how the organization collects money to fund such activities; whether each such budget of such an organization is developed under a process comparable in its transparency and accountability to the process under which budgets are developed and appropriated for State departments of insurance and Federal executive branch regulatory agencies, including— an identification of any bodies independent of the organization that set standards for and/or oversee that organization’s budgeting process; and a description of the extent to which and how the organization, in funding its operations, uses or benefits from its members’ ability to compel entities subject to its members’ regulatory authority to use the services of the organization or any of its affiliates; and the extent to which the work product of any organization identified pursuant to paragraph (1)has the effect of establishing any self-executing national standards, and in what way, and whether such standards are developed under processes comparable in their transparency and accountability to the process under which national standards are developed by the Congress or Federal executive branch agencies.