According to media reports, Rep. Blaine Luetkemeyer (R-Mo.) is expected to introduce legislation that will create new requirements applicable to government officials negotiating international capital standards for insurers. Media reports indicate that the bill, which is still in the drafting stages, would prohibit the U.S. from agreeing to an international insurance standard without first providing the public with a chance to comment. Further, the bill would require that any so-called “covered agreement” be made available for a public comment period, which could run concurrently with the 90-day waiting period already required pursuant to Dodd-Frank. Agreements concerning capital standards would be contingent on the Federal Reserve completing domestic capital rules. Finally, the bill would expand the duties of the Financial Stability Oversight Council independent member focused on insurance.
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