Trump signs regulatory bill including insurance provisions

President Donald Trump signed a major financial regulatory package that includes a requirement that federal officials engaging in international insurance negotiations consult with state insurance regulators.

The U.S. House of Representatives passed the Economic Growth, Regulatory Relief and Consumer Protection Act by a 258-159 vote on Tuesday. The Senate had previously adopted the bill on March 14 by a 67-31 vote.

Much of the bill aims to rescind provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act adopted in 2010 after the financial crisis. But the new legislation also includes provisions from a bill by Sens. Dean Heller, R-Nev., and Jon Tester, D-Mont., related to international insurance negotiations. That proposal — the International Insurance Capital Standards Accountability Act — would require increased transparency in international insurance discussions and mandate that U.S. negotiators achieve consensus positions through the National Association of Insurance Commissioners in international negotiations on insurance standards.

The bill creates an insurance policy advisory committee at the Board of Governors of the Federal Reserve System to offer expertise and advice on international capital standards and other insurance issues. It would also mandate an annual report be submitted by the Treasury Department and the Federal Reserve to Congress about activities at international standard setting bodies, including the International Association of Insurance Supervisors and the Financial Stability Board, which NAIC representatives could then comment on in Congressional testimony.