International Insurance Capital Standards Accountability Act of 2017

International Insurance Capital Standards Accountability Act of 2017

This bill directs the Federal Reserve Board (FRB) to establish the Insurance Policy Advisory Committee on International Capital Standards and Other Insurance Issues.

The bill prohibits the Department of the Treasury and the FRB from agreeing to an international capital insurance standard unless: (1) it meets specified notice and comment requirements, (2) it is consistent with current state-based capital requirements, and (3) it is consistent with any FRB capital requirements for an FRB-supervised company.

Treasury and the FRB must:

• report annually on their efforts with the National Association of Insurance Commissioners regarding global insurance regulatory or supervisory forums,
• study an international insurance capital standard's impact on U.S. markets and consumers before agreeing to its adoption, and
• report on their efforts to increase transparency at meetings of the International Association of Insurance Supervisors.