International Insurance Standards Act of 2018

Bill 115 hr 4537, also known as the International Insurance Standards Act of 2018, is a piece of legislation introduced in the US Congress. The main purpose of this bill is to establish a framework for the United States to participate in the development of international insurance standards.

The bill aims to ensure that the US insurance industry remains competitive in the global market by allowing for greater coordination and cooperation with international regulatory bodies. It also seeks to promote transparency and consistency in the regulation of insurance at an international level.

One of the key provisions of the bill is the establishment of a Federal Insurance Office within the Department of the Treasury. This office would be responsible for representing the United States in international insurance discussions and negotiations, as well as coordinating with state insurance regulators. Additionally, the bill calls for the creation of a Federal Advisory Committee on Insurance. This committee would provide advice and recommendations to the Federal Insurance Office on matters related to international insurance standards. Overall, the International Insurance Standards Act of 2018 aims to ensure that the United States remains a leader in the global insurance industry by actively participating in the development of international standards and regulations.