U.S. Insurance Regulation Works Act of 2016

U.S. Insurance Regulation Works Act of 2016

This bill requires parties representing the federal government on international insurance regulatory proposals to ensure that any proposals they assent to:

• are consistent with, and reflective of, existing federal and state insurance laws and regulations, including the primacy of policyholder protection in solvency regulation; and
• recognize existing federal and state laws and regulations as satisfying such proposals.

Federal government representatives must consult with, and seek to include, state insurance commissioners in meetings of any international regulatory, standard-setting, or supervisory forum or in any negotiations of international agreements relating to insurance.