Fair Trade in Insurance Services Act of 1994

Fair Trade in Insurance Services Act of 1994 - Directs the President to: (1) identify foreign countries that deny national treatment to U.S. insurance organizations; and (2) determine whether such denial has a significant adverse effect on them. Requires the President, when making such determinations, to consider specified factors, including: (1) the ability and extent to which U.S. insurance organizations can operate or seek to operate in the foreign country's market; (2) the importance of operations by such organizations in the foreign country to the export of goods and services by U.S. firms to such country; (3) the extent to which such organizations may conduct activities or provide services in the foreign country that insurance organizations organized under such foreign country's laws may not conduct or provide there; and (4) the extent to which such U.S. organizations are affected in their operations and ability to compete on an equal basis in such foreign country's market.

Authorizes the President to recommend to the Secretary of the Treasury (Secretary) that the Secretary suspend the acceptance of, or not accept, a certain registration statement filed by a person of an identified foreign country if the President determines that: (1) such action would assist the United States in negotiations to eliminate denials of national treatment against U.S. insurance organizations; (2) such negotiations are not likely to result in an agreement to eliminate such denial; or (3) the country has not adhered to such an agreement. Prohibits such sanctions with respect to any registration filed by an alien insurance organization which does business in the United States as of March 8, 1994.

Requires the President to report biennially to the Congress on: (1) foreign countries that deny national treatment to U.S. insurance companies; and (2) the results of any negotiations with respect to the elimination of such treatment denials.

(Sec. 3) Prohibits alien insurance organizations from engaging in insurance activities within the United States unless certain registration and related requirements are met.