Summary:
Terrorism Risk Insurance Program Reauthorization Act of 2014 - Title I: Extension of Terrorism Insurance Program - (Sec. 101) Amends the Terrorism Risk Insurance Act of 2002 (TRIA) to extend the Terrorism Insurance Program through December 31, 2020, and to revise requirements for the Program.

(Sec. 102) Requires the federal share of payments beginning on January 1, 2016, for acts of terrorism, in general, to be reduced annually to 80% of insured losses.

(Sec. 103) Specifies the aggregate industry insured losses resulting from certified acts of terror which will, beginning calendar years 2015-2019, trigger the federal share of compensation under the Program as: (1) $100 million for 2015; (2) $120 million for 2016; (3) $140 million for 2017; (4) $160 million for 2018, (5) $180 million for 2019; and (6) $200 million for 2020 and thereafter.

(Sec. 104) Revises requirements for mandatory recoupment (repayment) from insurers of federal financial assistance provided in connection with all acts of terrorism (or acts of war, in the case of workers compensation). Revises the formula for determining the insurance marketplace aggregate retention amount (recoupment threshold) indicating insured losses resulting from a certified act of terrorism which the insurance industry must cover before federal assistance becomes available. Maintains the current recoupment threshold, which is the lesser of $27.5 billion, or the aggregate amount for all insurers, of insured losses during the calendar year. Requires annual increases of $2 billion until $27.5 billion becomes $37.5 billion. Prescribes a formula for further revisions of the threshold for years after it becomes $37.5 billion. Repeals the declaration that there shall be no mandatory recoupment (thus requiring recoupment) if uncompensated losses exceed the insurance marketplace aggregate retention amount. Increases from 133% to 140% of any mandatory recoupment amount the terrorism loss risk-spreading premium (surcharge) collected for repayment of federal financial assistance. (Sec. 105) Redefines "an act of terrorism" as one that is certified as such by the Secretary of the Treasury in consultation with the Secretary of Homeland Security (previously, in concurrence with the Secretary of State). (Sec. 107) Directs the Secretary of the Treasury to study the process for certifying an act of terrorism, particularly a reasonable timeline for determining accurately whether to certify an act as an act of terrorism, and the impact of the length of any timeline on the insurance industry, policyholders, consumers, and taxpayers as a whole.

Directs the Secretary to issue final rules governing the certification process, including any such timeline, within nine months after reporting study results to the appropriate congressional committees.

 (Sec. 108) Directs the Comptroller General (GAO) to study the viability and effects of federal: (1) assessment and collection of upfront premiums from insurers that participate in the Program, including a comparison of practices in international markets to assess and collect premiums either before or after terrorism losses are incurred; and (2) creation of a capital reserve fund to which participating insurers shall dedicate capital specifically for terrorism losses before they are incurred.

(Sec. 109) Amends the Federal Reserve Act to require the President, in selecting members of the Board of Governors of the Federal Reserve System, to appoint at least one member with demonstrated primary experience working in or supervising community banks having less than $10 billion in total assets.

(Sec. 110) Directs the Secretary to establish and appoint an Advisory Committee on Risk-Sharing Mechanisms to give advice, make recommendations, and encourage the creation of nongovernmental risk-sharing mechanisms to support private market reinsurance capacity for protection against losses arising from acts of terrorism.

(Sec. 111) Directs the Secretary to: (1) require participating insurers to submit specified information regarding insurance coverage for terrorism losses; and (2) report annually to certain congressional committees on specified aspects of the Program, including whether they discourage or impede insurers from providing commercial property casualty insurance coverage or coverage for acts of terrorism.

Prescribes confidentiality guidelines.

(Sec. 112) Directs the Secretary to study biennially the small insurers participating in the Program, identifying competitive challenges they face in the terrorism risk insurance marketplace.

Title II: National Association of Registered Agents and Brokers Reform - National Association of Registered Agents and Brokers Reform Act of 2014 - (Sec. 202) Amends the Gramm-Leach-Bliley Act to repeal the contingent conditions under which the National Association of Registered Agents and Brokers (NARAB) shall not be established. Establishes NARAB without contingent conditions as an independent nonprofit corporation to prescribe, on a multi-state basis, licensing and insurance producer qualification requirements and conditions.

Prohibits the NARAB from merging with or into any other private or public entity.

Requires the NARAB, without affecting state regulatory authority, to provide a mechanism for the adoption and multi-state application of requirements and conditions pertaining to: (1) licensing, continuing education, and other qualifications of non-NARAB insurance producers; (2) resident or nonresident insurance producer appointments; (3) supervision and disciplining of such producers; and (4) the setting of licensing fees for insurance producers.

Makes any state-licensed insurance producer eligible to join the NARAB, except during a period of license suspension or revocation. Requires an individual insurance producer to undergo a criminal history record check by the Federal Bureau of Investigation (FBI). Requires the NARAB to submit to the FBI identification information obtained from the insurance producer, upon producer request, as well as a request of its own for the criminal history record check.

Authorizes the NARAB to: (1) establish membership criteria; and (2) deny membership to an individual state-licensed insurance producer on the basis of the criminal history information obtained, or where the producer has been subject to certain disciplinary action.

Prescribes procedures governing a criminal history record check, including the rights of applicants denied membership.

Authorizes the NARAB to establish membership criteria, including separate classes of membership and membership criteria for business entities; but prohibits it from establishing criteria that unfairly limit the ability of a small insurance producer to become a member of the NARAB, including discriminatory membership fees.

Authorizes the NARAB to establish separate categories of membership for insurance producers and for other persons or entities within each class, based on the types of licensing categories that exist under state laws.

Prohibits the NARAB from establishing special categories of membership, including distinct membership criteria for members that are depository institutions or for their employees, agents, or affiliates.

Prohibits the NARAB from adopting any qualification less protective to the public than that contained in the National Association of Insurance Commissioners (NAIC) Producer Licensing Model Act.

Prescribes procedures for authorized information sharing pursuant to a request by a licensed insurance producer.

Authorizes the NARAB to deny membership to any state-licensed insurance producer for failure to meet membership criteria.

States that NARAB membership authorizes an insurance producer to engage in the business of insurance in any state for any lines of insurance specified in the producer's home state license, including claims adjustments and settlement, risk management, and specified insurance-related consulting activities.

Makes NARAB membership equivalent to a nonresident insurance producer license for specified purposes.

Empowers the NARAB to act as agent for any member for the purpose of remitting licensing fees to a state.

Requires the NARAB to disclose to states, including state insurance regulators and the NAIC, on an ongoing basis, a list of the states in which each member is authorized to operate.

Retains state regulatory jurisdiction regarding: (1) consumer protection and market conduct, and (2) state disciplinary authority.

Requires the NARAB to establish, as a condition of membership, continuing education requirements comparable to the continuing education requirements under the licensing laws of a majority of the states.

Prohibits the NARAB from offering continuing education courses for insurance producers.

Grants the NARAB disciplinary enforcement powers.

Requires the NARAB to: (1) receive and investigate consumer complaints, and to maintain a toll-free telephone number; and (2) refer any such complaint to the state insurance regulator. Prescribes information- sharing procedures and limitations with the NAIC or governmental entities.

Authorizes the NARAB to establish: (1) a central clearinghouse, or utilize NAIC as a central clearinghouse through which NARAB members may disclose their intent to operate in one or more states; and (2) a national database for the collection of regulatory information concerning the activities of insurance producers.

Establishes the NARAB board of directors, whose membership shall include state insurance commissioners. Sets forth terms and procedures for appointment of members by the President. Authorizes reappointment to successive terms. Prohibits compensation on account of Board membership.

Declares that the NARAB shall not be deemed to be an insurer or insurance producer within the meaning of any state law, rule, regulation, or order regulating or taxing insurers, insurance producers, or other entities engaged in the business of insurance.

Sets forth procedures for presidential oversight of the NARAB, including removal of the entire existing Board.

Sets forth a limited preemption of state laws purporting to regulate insurance producers.

Directs the NARAB to coordinate with the Financial Industry Regulatory Authority (FINRA) in order to ease administrative burdens that fall on NARAB members subject to regulation by FINRA.

Authorizes any person aggrieved by a NARAB decision or action to commence a civil action in an appropriate federal district court.

Prohibits federal funding of the NARAB.

Title III: Business Risk Mitigation and Price Stabilization - Business Risk Mitigation and Price Stabilization Act of 2014 - (Sec. 302) Amends the Commodity Exchange Act to exempt, from the rules of prudential regulators for swap dealers and major swap participants with respect to initial and variation margin requirements for swaps not cleared by a registered derivatives clearing organization, those swaps in which one of the counterparties: (1) is eligible for an exception from clearing requirements because it is not a financial entity, uses swaps to hedge or mitigate commercial risk, and notifies the Commodity Futures Trading Commission how it meets financial obligations associated with entering into non-cleared swaps; (2) is eligible for a public interest exemption from swap clearing requirements for certain cooperative entities; or (3) satisfies specified criteria governing treatment of affiliates in connection with clearing requirements.

Amends the Securities Exchange Act of 1934 regarding registration and regulation of security-based swap dealers and major security-based swap participants, to exempt from initial and variation margin requirements for swaps not cleared by a registered derivatives clearing organization a security-based swap in which one of the counterparties: (1) qualifies for a specified exception from clearing requirements, or (2) satisfies certain criteria governing the treatment of affiliates.

title extension terrorism insurance program sec amends terrorism_risk_insurance_act tria extend terrorism_insurance_program december revise requirements program sec requires federal share payments beginning january acts terrorism general reduced annually insured losses sec specifies aggregate industry insured losses resulting certified acts terror beginning calendar years trigger federal share compensation program million million million million million million sec revises requirements mandatory recoupment repayment insurers federal financial assistance provided connection acts terrorism acts war case workers compensation revises formula determining insurance marketplace aggregate retention recoupment threshold indicating insured losses resulting certified act terrorism insurance industry cover federal assistance available maintains current recoupment threshold lesser billion aggregate insurers insured losses calendar year requires annual increases billion billion billion prescribes formula revisions threshold years billion repeals declaration shall mandatory recoupment requiring recoupment uncompensated losses exceed insurance marketplace aggregate retention increases mandatory recoupment terrorism loss risk spreading premium surcharge collected repayment federal financial assistance sec redefines act terrorism certified secretary treasury consultation secretary homeland_security previously concurrence secretary state sec directs secretary treasury study process certifying act terrorism particularly reasonable timeline determining accurately certify act act terrorism impact length timeline insurance industry policyholders consumers taxpayers directs secretary issue final rules governing certification process including timeline months reporting study results appropriate congressional committees sec directs comptroller_general gao study viability effects federal assessment collection upfront premiums insurers participate program including comparison practices international markets assess collect premiums terrorism losses incurred creation capital reserve fund participating insurers shall dedicate capital specifically terrorism losses incurred sec amends federal_reserve_act require president selecting members board_of_governors federal_reserve_system appoint member demonstrated primary experience working supervising community banks having billion total assets sec directs secretary establish appoint advice recommendations encourage creation nongovernmental risk sharing mechanisms support private market reinsurance capacity protection losses arising acts terrorism sec directs secretary require participating insurers submit specified information insurance coverage terrorism losses report annually certain congressional committees specified aspects program including discourage impede insurers providing commercial property casualty insurance coverage coverage acts terrorism prescribes confidentiality guidelines sec directs secretary study biennially small insurers participating program identifying competitive challenges face terrorism risk insurance marketplace title sec amends gramm leach bliley act repeal contingent conditions national_association_of_registered_agents_and_brokers narab shall established establishes narab contingent conditions independent nonprofit corporation prescribe multi state basis licensing insurance producer qualification requirements conditions prohibits narab merging private public entity requires narab affecting state regulatory authority provide mechanism adoption multi state application requirements conditions pertaining licensing continuing education qualifications non narab insurance producers resident nonresident insurance producer appointments supervision disciplining producers setting licensing fees insurance producers makes state licensed insurance producer eligible join narab period license suspension revocation requires individual insurance producer undergo criminal history record check federal_bureau_of_investigation fbi requires narab submit fbi identification information obtained insurance producer producer request request criminal history record check authorizes narab establish membership criteria deny membership individual state licensed insurance producer basis criminal history information obtained producer subject certain disciplinary action prescribes procedures governing criminal history record check including rights applicants denied membership authorizes narab establish membership criteria including separate classes membership membership criteria business entities prohibits establishing criteria unfairly limit ability small insurance producer member narab including discriminatory membership fees authorizes narab establish separate categories membership insurance producers persons entities class based types licensing categories exist state laws prohibits narab establishing special categories membership including distinct membership criteria members depository institutions employees agents affiliates prohibits narab adopting qualification protective public contained national_association_of_insurance_commissioners naic producer licensing model act prescribes procedures authorized information sharing pursuant request licensed insurance producer authorizes narab deny membership state licensed insurance producer failure meet membership criteria states narab membership authorizes insurance producer engage business insurance state lines insurance specified producer home state license including claims adjustments settlement risk management specified insurance related consulting activities makes narab membership equivalent nonresident insurance producer license specified purposes empowers narab act agent member purpose remitting licensing fees state requires narab disclose states including state insurance regulators naic ongoing basis list states member authorized operate retains state regulatory jurisdiction consumer protection market conduct state disciplinary authority requires narab establish condition membership continuing education requirements comparable continuing education requirements licensing laws majority states prohibits narab offering continuing education courses insurance producers grants narab disciplinary enforcement powers requires narab receive investigate consumer complaints maintain toll free telephone number refer complaint state insurance regulator prescribes sharing procedures limitations naic governmental entities authorizes narab establish central clearinghouse utilize naic central clearinghouse narab members disclose intent operate states national database collection regulatory information concerning activities insurance producers establishes narab board directors membership shall include state insurance commissioners sets forth terms procedures appointment members president authorizes reappointment successive terms prohibits compensation account board membership declares narab shall deemed insurer insurance producer meaning state law rule regulation order regulating taxing insurers insurance producers entities engaged business insurance sets forth procedures presidential oversight narab including removal entire existing board sets forth limited preemption state laws purporting regulate insurance producers directs narab coordinate financial_industry_regulatory_authority finra order ease administrative burdens fall narab members subject regulation finra authorizes person aggrieved narab decision action commence civil action appropriate federal district court prohibits federal funding narab title iii business risk mitigation price stabilization business risk mitigation price stabilization act sec amends commodity_exchange_act exempt rules prudential regulators swap dealers major swap participants respect initial variation margin requirements swaps cleared registered derivatives clearing organization swaps counterparties eligible exception clearing requirements financial entity uses swaps hedge mitigate commercial risk notifies commodity_futures_trading_commission meets financial obligations associated entering non cleared swaps eligible public interest exemption swap clearing requirements certain cooperative entities satisfies specified criteria governing treatment affiliates connection clearing requirements amends securities exchange act registration regulation security based swap dealers major security based swap participants exempt initial variation margin requirements swaps cleared registered derivatives clearing organization security based swap counterparties qualifies specified exception clearing requirements satisfies certain criteria governing treatment affiliates


Summary:
Captive Insurers Clarification Act - Amends the Nonadmitted and Reinsurance Reform Act of 2010 to define "captive insurance company" as an insurance company wholly owned directly or indirectly: (1) by a single parent company and whose primary purpose is to insure the risks of that single parent company or its affiliates; (2) by a group of companies and whose primary purpose is to insure the risks of that group or its affiliates; and (3) by an industry, trade, or service group or association, and whose primary purpose is to insure the risks of any member in that group or association, including any member affiliate.

Excludes a captive insurance company from the meaning of a "nonadmitted insurer" (that is not licensed to engage in the business of insurance in a state), and from any requirements (including state tax requirements) applying to a nonadmitted insurer.

captive insurers clarification act amends nonadmitted reinsurance reform act define captive insurance company insurance company wholly owned directly indirectly single parent company primary purpose insure risks single parent company affiliates group companies primary purpose insure risks group affiliates industry trade service group association primary purpose insure risks member group association including member affiliate excludes captive insurance company meaning nonadmitted insurer licensed engage business insurance state requirements including state tax requirements applying nonadmitted insurer


Summary:
(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)

Terrorism Risk Insurance Program Reauthorization Act of 2015

TITLE I--EXTENSION OF TERRORISM INSURANCE PROGRAM

(Sec. 101) Amends the Terrorism Risk Insurance Act of 2002 (TRIA) to extend the Terrorism Insurance Program through December 31, 2020, and to revise requirements for the Program.

(Sec. 102) Requires the federal share of payments beginning on January 1, 2016, for acts of terrorism, in general, to be reduced annually to 80% of insured losses.

(Sec. 103) Specifies the aggregate industry insured losses resulting from certified acts of terror which will, beginning calendar years 2015-2019, trigger the federal share of compensation under the Program as: (1) $100 million for 2015; (2) $120 million for 2016; (3) $140 million for 2017; (4) $160 million for 2018, (5) $180 million for 2019; and (6) $200 million for 2020 and thereafter.

(Sec. 104) Revises requirements for mandatory recoupment (repayment) from insurers of federal financial assistance provided in connection with all acts of terrorism (or acts of war, in the case of workers compensation).

Revises the formula for determining the insurance marketplace aggregate retention amount (recoupment threshold) indicating insured losses resulting from a certified act of terrorism which the insurance industry must cover before federal assistance becomes available. Maintains the current recoupment threshold, which is the lesser of $27.5 billion, or the aggregate amount for all insurers, of insured losses during the calendar year. Requires annual increases of $2 billion until $27.5 billion becomes $37.5 billion. Prescribes a formula for further revisions of the threshold for years after it becomes $37.5 billion.

Repeals the declaration that there shall be no mandatory recoupment (thus requiring recoupment) if uncompensated losses exceed the insurance marketplace aggregate retention amount.

Increases from 133% to 140% of any mandatory recoupment amount the terrorism loss risk-spreading premium (surcharge) collected for repayment of federal financial assistance.

(Sec. 105) Redefines "an act of terrorism" as one that is certified as such by the Secretary of the Treasury in consultation with the Secretary of Homeland Security (previously, in concurrence with the Secretary of State).

 (Sec. 107) Directs the Secretary of the Treasury to study the process for certifying an act of terrorism, particularly a reasonable timeline for determining accurately whether to certify an act as an act of terrorism, and the impact of the length of any timeline on the insurance industry, policyholders, consumers, and taxpayers as a whole.

Directs the Secretary to issue final rules governing the certification process, including any such timeline, within nine months after reporting study results to the appropriate congressional committees.

 (Sec. 108) Directs the Comptroller General (GAO) to study the viability and effects of federal: (1) assessment and collection of upfront premiums from insurers that participate in the Program, including a comparison of practices in international markets to assess and collect premiums either before or after terrorism losses are incurred; and (2) creation of a capital reserve fund to which participating insurers shall dedicate capital specifically for terrorism losses before they are incurred.

(Sec. 109) Amends the Federal Reserve Act to require the President, in selecting members of the Board of Governors of the Federal Reserve System, to appoint at least one member with demonstrated primary experience working in or supervising community banks having less than $10 billion in total assets.

(Sec. 110) Directs the Secretary to establish and appoint an Advisory Committee on Risk-Sharing Mechanisms to give advice, make recommendations, and encourage the creation of nongovernmental risk-sharing mechanisms to support private market reinsurance capacity for protection against losses arising from acts of terrorism.

(Sec. 111) Directs the Secretary to: (1) require participating insurers to submit specified information regarding insurance coverage for terrorism losses; and (2) report annually to certain congressional committees on specified aspects of the Program, including whether they discourage or impede insurers from providing commercial property casualty insurance coverage or coverage for acts of terrorism.

Prescribes confidentiality guidelines.

(Sec. 112) Directs the Secretary to study biennially the small insurers participating in the Program, identifying competitive challenges they face in the terrorism risk insurance marketplace.

TITLE II: NATIONAL ASSOCIATION OF REGISTERED AGENTS AND BROKERS REFORM

 National Association of Registered Agents and Brokers Reform Act of 2015

(Sec. 202) Amends the Gramm-Leach-Bliley Act to repeal the contingent conditions under which the National Association of Registered Agents and Brokers (NARAB) shall not be established. Establishes NARAB without contingent conditions as an independent nonprofit corporation to prescribe, on a multi-state basis, licensing and insurance producer qualification requirements and conditions.

Prohibits the NARAB from merging with or into any other private or public entity.

Requires the NARAB, without affecting state regulatory authority, to provide a mechanism for the adoption and multi-state application of requirements and conditions pertaining to: (1) licensing, continuing education, and other qualifications of non-NARAB insurance producers; (2) resident or nonresident insurance producer appointments; (3) supervision and disciplining of such producers; and (4) the setting of licensing fees for insurance producers.

Makes any state-licensed insurance producer eligible to join the NARAB, except during a period of license suspension or revocation. Requires an individual insurance producer to undergo a criminal history record check by the Federal Bureau of Investigation (FBI). Requires the NARAB to submit to the FBI identification information obtained from the insurance producer, upon producer request, as well as a request of its own for the criminal history record check.

Authorizes the NARAB to: (1) establish membership criteria; and (2) deny membership to an individual state-licensed insurance producer on the basis of the criminal history information obtained, or where the producer has been subject to certain disciplinary action.

Prescribes procedures governing a criminal history record check, including the rights of applicants denied membership.

Authorizes the NARAB to establish membership criteria, including separate classes of membership and membership criteria for business entities; but prohibits it from establishing criteria that unfairly limit the ability of a small insurance producer to become a member of the NARAB, including discriminatory membership fees.

Authorizes the NARAB to establish separate categories of membership for insurance producers and for other persons or entities within each class, based on the types of licensing categories that exist under state laws.

Prohibits the NARAB from establishing special categories of membership, including distinct membership criteria for members that are depository institutions or for their employees, agents, or affiliates.

Prohibits the NARAB from adopting any qualification less protective to the public than that contained in the National Association of Insurance Commissioners (NAIC) Producer Licensing Model Act.

Prescribes procedures for authorized information sharing pursuant to a request by a licensed insurance producer.

Authorizes the NARAB to deny membership to any state-licensed insurance producer for failure to meet membership criteria.

States that NARAB membership authorizes an insurance producer to engage in the business of insurance in any state for any lines of insurance specified in the producer's home state license, including claims adjustments and settlement, risk management, and specified insurance-related consulting activities.

Makes NARAB membership equivalent to a nonresident insurance producer license for specified purposes.

Empowers the NARAB to act as agent for any member for the purpose of remitting licensing fees to a state.

Requires the NARAB to disclose to states, including state insurance regulators and the NAIC, on an ongoing basis, a list of the states in which each member is authorized to operate.

Retains state regulatory jurisdiction regarding: (1) consumer protection and market conduct, and (2) state disciplinary authority.

Requires the NARAB to establish, as a condition of membership, continuing education requirements comparable to the continuing education requirements under the licensing laws of a majority of the states.

Prohibits the NARAB from offering continuing education courses for insurance producers.

Grants the NARAB disciplinary enforcement powers.

Requires the NARAB to: (1) receive and investigate consumer complaints, and to maintain a toll-free telephone number; and (2) refer any such complaint to the state insurance regulator. Prescribes information- sharing procedures and limitations with the NAIC or governmental entities.

Authorizes the NARAB to establish: (1) a central clearinghouse, or utilize NAIC as a central clearinghouse through which NARAB members may disclose their intent to operate in one or more states; and (2) a national database for the collection of regulatory information concerning the activities of insurance producers.

Establishes the NARAB board of directors, whose membership shall include state insurance commissioners. Sets forth terms and procedures for appointment of members by the President. Authorizes reappointment to successive terms. Prohibits compensation on account of Board membership.

Declares that the NARAB shall not be deemed to be an insurer or insurance producer within the meaning of any state law, rule, regulation, or order regulating or taxing insurers, insurance producers, or other entities engaged in the business of insurance.

Sets forth procedures for presidential oversight of the NARAB, including removal of the entire existing Board.

Sets forth a limited preemption of state laws purporting to regulate insurance producers.

Directs the NARAB to coordinate with the Financial Industry Regulatory Authority (FINRA) in order to ease administrative burdens that fall on NARAB members subject to regulation by FINRA.

Authorizes any person aggrieved by a NARAB decision or action to commence a civil action in an appropriate federal district court.

Prohibits federal funding of the NARAB.

TITLE III--BUSINESS RISK MITIGATION AND PRICE STABILIZATION

Business Risk Mitigation and Price Stabilization Act of 2015

(Sec. 302) Amends the Commodity Exchange Act to exempt, from the rules of prudential regulators for swap dealers and major swap participants with respect to initial and variation margin requirements for swaps not cleared by a registered derivatives clearing organization, those swaps in which one of the counterparties: (1) is eligible for an exception from clearing requirements because it is not a financial entity, uses swaps to hedge or mitigate commercial risk, and notifies the Commodity Futures Trading Commission how it meets financial obligations associated with entering into non-cleared swaps; (2) is eligible for a public interest exemption from swap clearing requirements for certain cooperative entities; or (3) satisfies specified criteria governing treatment of affiliates in connection with clearing requirements.

Amends the Securities Exchange Act of 1934 regarding registration and regulation of security-based swap dealers and major security-based swap participants, to exempt from initial and variation margin requirements for swaps not cleared by a registered derivatives clearing organization a security-based swap in which one of the counterparties: (1) qualifies for a specified exception from clearing requirements, or (2) satisfies certain criteria governing the treatment of affiliates.

measure amended introduced summary expanded action occurred measure reauthorization act title extension terrorism insurance program sec amends terrorism_risk_insurance_act tria extend terrorism_insurance_program december revise requirements program sec requires federal share payments beginning january acts terrorism general reduced annually insured losses sec specifies aggregate industry insured losses resulting certified acts terror beginning calendar years trigger federal share compensation program million million million million million million sec revises requirements mandatory recoupment repayment insurers federal financial assistance provided connection acts terrorism acts war case workers compensation revises formula determining insurance marketplace aggregate retention recoupment threshold indicating insured losses resulting certified act terrorism insurance industry cover federal assistance available maintains current recoupment threshold lesser billion aggregate insurers insured losses calendar year requires annual increases billion billion billion prescribes formula revisions threshold years billion repeals declaration shall mandatory recoupment requiring recoupment uncompensated losses exceed insurance marketplace aggregate retention increases mandatory recoupment terrorism loss risk spreading premium surcharge collected repayment federal financial assistance sec redefines act terrorism certified secretary treasury consultation secretary homeland_security previously concurrence secretary state sec directs secretary treasury study process certifying act terrorism particularly reasonable timeline determining accurately certify act act terrorism impact length timeline insurance industry policyholders consumers taxpayers directs secretary issue final rules governing certification process including timeline months reporting study results appropriate congressional committees sec directs comptroller_general gao study viability effects federal assessment collection upfront premiums insurers participate program including comparison practices international markets assess collect premiums terrorism losses incurred creation capital reserve fund participating insurers shall dedicate capital specifically terrorism losses incurred sec amends federal_reserve_act require president selecting members board_of_governors federal_reserve_system appoint member demonstrated primary experience working supervising community banks having billion total assets sec directs secretary establish appoint advice recommendations encourage creation nongovernmental risk sharing mechanisms support private market reinsurance capacity protection losses arising acts terrorism sec directs secretary require participating insurers submit specified information insurance coverage terrorism losses report annually certain congressional committees specified aspects program including discourage impede insurers providing commercial property casualty insurance coverage coverage acts terrorism prescribes confidentiality guidelines sec directs secretary study biennially small insurers participating program identifying competitive challenges face terrorism risk insurance marketplace title national association registered agents brokers reform sec amends gramm leach bliley act repeal contingent conditions national_association_of_registered_agents_and_brokers narab shall established establishes narab contingent conditions independent nonprofit corporation prescribe multi state basis licensing insurance producer qualification requirements conditions prohibits narab merging private public entity requires narab affecting state regulatory authority provide mechanism adoption multi state application requirements conditions pertaining licensing continuing education qualifications non narab insurance producers resident nonresident insurance producer appointments supervision disciplining producers setting licensing fees insurance producers makes state licensed insurance producer eligible join narab period license suspension revocation requires individual insurance producer undergo criminal history record check federal_bureau_of_investigation fbi requires narab submit fbi identification information obtained insurance producer producer request request criminal history record check authorizes narab establish membership criteria deny membership individual state licensed insurance producer basis criminal history information obtained producer subject certain disciplinary action prescribes procedures governing criminal history record check including rights applicants denied membership authorizes narab establish membership criteria including separate classes membership membership criteria business entities prohibits establishing criteria unfairly limit ability small insurance producer member narab including discriminatory membership fees authorizes narab establish separate categories membership insurance producers persons entities class based types licensing categories exist state laws prohibits narab establishing special categories membership including distinct membership criteria members depository institutions employees agents affiliates prohibits narab adopting qualification protective public contained national_association_of_insurance_commissioners naic producer licensing model act prescribes procedures authorized information sharing pursuant request licensed insurance producer authorizes narab deny membership state licensed insurance producer failure meet membership criteria states narab membership authorizes insurance producer engage business insurance state lines insurance specified producer home state license including claims adjustments settlement risk management specified insurance related consulting activities makes narab membership equivalent nonresident insurance producer license specified purposes empowers narab act agent member purpose remitting licensing fees state requires narab disclose states including state insurance regulators naic ongoing basis list states member authorized operate retains state regulatory jurisdiction consumer protection market conduct state disciplinary authority requires narab establish condition membership continuing education requirements comparable continuing education requirements licensing laws majority states prohibits narab offering continuing education courses insurance producers grants narab disciplinary enforcement powers requires narab receive investigate consumer complaints maintain toll free telephone number refer complaint state insurance regulator prescribes sharing procedures limitations naic governmental entities authorizes narab establish central clearinghouse utilize naic central clearinghouse narab members disclose intent operate states national database collection regulatory information concerning activities insurance producers establishes narab board directors membership shall include state insurance commissioners sets forth terms procedures appointment members president authorizes reappointment successive terms prohibits compensation account board membership declares narab shall deemed insurer insurance producer meaning state law rule regulation order regulating taxing insurers insurance producers entities engaged business insurance sets forth procedures presidential oversight narab including removal entire existing board sets forth limited preemption state laws purporting regulate insurance producers directs narab coordinate financial_industry_regulatory_authority finra order ease administrative burdens fall narab members subject regulation finra authorizes person aggrieved narab decision action commence civil action appropriate federal district court prohibits federal funding narab title iii business risk mitigation price stabilization business risk mitigation price stabilization act sec amends commodity_exchange_act exempt rules prudential regulators swap dealers major swap participants respect initial variation margin requirements swaps cleared registered derivatives clearing organization swaps counterparties eligible exception clearing requirements financial entity uses swaps hedge mitigate commercial risk notifies commodity_futures_trading_commission meets financial obligations associated entering non cleared swaps eligible public interest exemption swap clearing requirements certain cooperative entities satisfies specified criteria governing treatment affiliates connection clearing requirements amends securities exchange act registration regulation security based swap dealers major security based swap participants exempt initial variation margin requirements swaps cleared registered derivatives clearing organization security based swap counterparties qualifies specified exception clearing requirements satisfies certain criteria governing treatment affiliates


Summary:
Policyholder Protection Act of 2015

 (Sec. 2) This bill amends the Federal Deposit Insurance Act to declare that any action of the Federal Deposit Insurance Corporation (FDIC) that requires a bank holding company to provide funds or other assets to a subsidiary depository institution is neither effective nor enforceable with respect to a savings and loan holding company that is also an insurance company, an affiliate of an insured depository institution that is an insurance company, or any other company that is an insurance company and directly or indirectly controls an insured depository institution (entities) if:

 such funds or assets are to be provided by the entity, and the relevant state insurance authority determines that such an action would have a materially adverse effect on the entity's financial condition. The bill declares that requiring a bank holding company that is an insurance company to serve as a source of financial strength shall be deemed the kind of action of the Board of Governors of the Federal Reserve System that requires a bank holding company to provide funds or other assets to a subsidiary depository institution for specified purposes of the Bank Holding Company Act of 1956.

The Dodd-Frank Wall Street Reform and Consumer Protection Act is amended, with respect to systemic risk determination and the treatment of insurance companies and their subsidiaries, to authorize the FDIC to stand in the place of the appropriate regulatory agency and file a judicial action to place such companies into orderly rehabilitation under state law if the appropriate regulatory agency has not done so.

The FDIC, when funding the orderly liquidation of an insurance company or its subsidiary, shall notify the relevant state insurance authority promptly of its intention to take a lien on the company's assets.

The FDIC may take such a lien only: to secure repayment of funds made available to such covered financial company or covered subsidiary; and if it determines that the lien will neither unduly impede nor delay the liquidation or rehabilitation of the insurance company, or the recovery by its policyholders.

policyholder protection act sec bill amends federal_deposit_insurance_act declare action federal_deposit_insurance_corporation fdic requires bank holding company provide funds assets subsidiary depository institution effective enforceable respect savings loan holding company insurance company affiliate insured depository institution insurance company company insurance company directly indirectly controls insured depository institution entities funds assets provided entity relevant state insurance authority determines action materially adverse effect entity financial condition bill declares requiring bank holding company insurance company serve source financial strength shall deemed kind action board_of_governors federal_reserve_system requires bank holding company provide funds assets subsidiary depository institution specified purposes bank_holding_company_act dodd frank wall street reform consumer protection act amended respect systemic risk determination treatment insurance companies subsidiaries authorize fdic stand place appropriate regulatory agency file judicial action place companies orderly rehabilitation state law appropriate regulatory agency fdic funding orderly liquidation insurance company subsidiary shall notify relevant state insurance authority promptly intention lien company assets fdic lien secure repayment funds available covered financial company covered subsidiary determines lien unduly impede delay liquidation rehabilitation insurance company recovery policyholders


Summary: This bill amends the Internal Revenue Code to expand the eligibility of certain small insurance companies (other than life insurance companies) for the alternative corporate income tax by increasing the premium limitation used to determine such eligibility to $2.2 million (from $1.2 million), with an annual inflation adjustment to such increased amount after 2015.

bill amends internal_revenue_code expand eligibility certain small insurance companies life insurance companies alternative corporate income tax increasing premium limitation determine eligibility million million annual inflation adjustment increased


Summary:
International Insurance Standards Transparency and Policyholder Protection Act of 2015

This bill prescribes negotiating objectives for international insurance regulatory frameworks, including: (1) standards, requirements, and rules focused solely upon protection of policy holders, as reflected in the U.S. solvency regime; and (2) a negotiated international insurance regulatory framework that recognizes U.S. prudential measures as equivalent to foreign measures.

U.S. representatives are prohibited from agreeing to, accepting or establishing , any international standard applicable to:

 insurers, capital standards, and rules designed for banks; any insurer that has not been designated a systemically important financial institution under U.S. law or a global systemically important insurer by the Financial Stability Oversight Council, capital standards and rules designed for systemically important bank or non-bank financial institutions, and any capital standard or rule governing U.S. insurance entities (except entities designated under the Dodd-Frank Wall Street Reform and Consumer Protection Act) unless it is designed solely to help ensure that sufficient funds are available to pay claims to an insurer's policyholders in the event of the entity's liquidation. The President must fulfill specified congressional consultation and public notice requirements with respect to any international insurance regulatory framework.

international insurance standards transparency policyholder protection act bill prescribes negotiating objectives international insurance regulatory frameworks including standards requirements rules focused solely protection policy holders reflected solvency regime negotiated international insurance regulatory framework recognizes prudential measures equivalent foreign measures representatives prohibited agreeing accepting establishing international standard applicable insurers capital standards rules designed banks insurer designated systemically important financial institution law global systemically important insurer financial_stability_oversight_council capital standards rules designed systemically important bank non bank financial institutions capital standard rule governing insurance entities entities designated dodd frank wall street reform consumer protection act designed solely help ensure sufficient funds available pay claims insurer policyholders event entity liquidation president fulfill specified congressional consultation public notice requirements respect international insurance regulatory framework


Summary:
Equality in Insurance Act of 2015

This bill requires an insurer, when rating and underwriting any insurance policy that takes into consideration the marital status of the proposed insured, to consider the proposed insured to be married if the proposed insured is in a legal marriage, a civil union, or a domestic partnership with substantially the same legal obligations and consequences as a legal marriage under the laws of any jurisdiction (including any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands, the Virgin Islands, American Samoa, or any foreign jurisdiction).

Any person aggrieved by a violation of this Act may bring a civil action for damages and relief, including equitable relief.

equality insurance act bill requires insurer rating underwriting insurance policy takes consideration marital status proposed insured consider proposed insured married proposed insured legal marriage civil union domestic partnership substantially legal obligations consequences legal marriage laws jurisdiction including state united_states district_of_columbia commonwealth_of_puerto_rico guam northern_mariana islands virgin_islands american_samoa foreign jurisdiction person aggrieved violation act bring civil action damages relief including equitable relief


Summary:
Claims Licensing Advancement for Interstate Matters Act or the CLAIM Act

This bill authorizes an independent insurance claims adjuster to apply to the National Association of Registered Agents and Brokers for Membership for the purpose of licensure in any state that requires a license for such adjusters that is not among such states that have enacted, within four years of this Act's enactment: (1) uniform laws and regulations governing the licensure of individuals and entities authorized to adjust claims within the state, and (2) reciprocity laws and regulations governing the licensure of nonresident individuals and entities authorized to adjust such claims within those states.

The Department of the Treasury must annually determine a state's continued compliance with such requirements.

claims licensing advancement interstate matters act claim act bill authorizes independent insurance claims apply purpose licensure state requires license states enacted years act enactment uniform laws regulations governing licensure individuals entities authorized adjust claims state reciprocity laws regulations governing licensure nonresident individuals entities authorized adjust claims states department_of_the_treasury annually determine state continued compliance requirements


Summary:
Nonprofit Property Protection Act

This bill:

 amends the Liability Risk Retention Act of 1986 to rename it the Risk Retention Act of 1986; and exclude from "commercial insurance" covered by the Act any health, life, or disability insurance or workers compensation insurance or express contractual obligations owed to a consumer as a result of a personal, family, or household transaction, where the consumer pays a separate consideration for the express contractual obligation. The bill expands the kinds of state laws pertaining to business insurance from which a risk retention group shall be exempt to include laws pertaining to other lines of commercial insurance offered by a risk retention group to an entity organized and operated exclusively as a federal tax-exempt nonprofit charitable or educational institution, as long as the group meets specified criteria.

bill amends rename risk retention act exclude commercial insurance covered act health life disability insurance workers compensation insurance express contractual obligations owed consumer result personal family household transaction consumer pays separate consideration express contractual obligation bill expands kinds state laws pertaining business insurance risk retention group shall exempt include laws pertaining lines commercial insurance offered risk retention group entity organized operated exclusively federal tax exempt nonprofit charitable educational institution long group meets specified criteria


Summary:
Transparent Insurance Standards Act of 2016

(Sec. 3) This bill specifies U.S. objectives regarding international insurance standards.

(Sec. 4) The United States may not agree to, accept, establish, enter into, or consent to the adoption of a final international insurance standard with an international standard-setting organization or a foreign government, authority, or regulatory entity unless certain public notice-and-comment requirements and capital standards are met.

In the case of an international insurance standard setting forth a capital standard for insurers: (1) the international standard must be consistent with state-based capital requirements; (2) the Board of Governors of the Federal Reserve System must have issued capital requirements for insurance companies it supervises through a rulemaking with a period for public notice and comment, and (3) the international standard must be consistent with the Federal Reserve Board's capital requirements.

The Department of the Treasury and the Federal Reserve Board may not agree to an international standard unless: (1) the proposed standard will not change state law, and (2) any proposed international capital standard for insurers is designed solely to help ensure that sufficient funds are available to pay claims to an insurer's policyholders in the event of the liquidation of that entity.

Before U.S. adoption of any such international insurance standard, Treasury and the Federal Reserve Board, in consultation with the state insurance commissioners, shall analyze and report to Congress on the impact of the standard on U.S. consumers and markets and whether any changes in state law will result from such final standard. The report must be available for public comment and be reviewed by the Government Accountability Office (GAO).

Congress shall have 90 days to approve or reject the final standard.

(Sec. 5) Treasury and the Federal Reserve Board must report annually on, and provide testimony to Congress every six months regarding, insurance standard-setting issues under discussion at international standard-setting bodies, the effects that international insurance standards could have on U.S. consumers and insurance markets, any positions taken by Treasury or the Federal Reserve Board and whether they are meeting U.S. objectives, and efforts to increase transparency at the Financial Stability Board (FSB). State insurance commissioners may also provide testimony or reports to Congress.

The Federal Reserve Board and Treasury must report and provide testimony on their efforts to increase transparency at meetings of the International Association of Insurance Supervisors.

The GAO must report and provide testimony on the transparency and accountability of any organization acting as a designee of, or at the direction of, the head of a state insurance department on issues related to international insurance standards, which is not employed directly by the state. The GAO's report must describe any such organization's: (1) participation in policy deliberations related to international insurance standards, (2) financial support to state insurance department personnel, (3) budgeting process for international insurance discussions on issues involving an international forum of financial regulators or supervisors, and (4) effect on the establishment of any self-executing national standards.

(Sec. 7) The bill expands the procedures that Treasury and the U.S. Trade Representative (USTR) must follow before entering bilateral or multilateral agreements regarding prudential measures with respect to the business of insurance or reinsurance that: (1) are entered into between the United States and foreign governments, authorities, or regulatory entities; and (2) relate to the recognition of prudential measures that achieve a level of protection for insurance or reinsurance consumers that is substantially equivalent to the protection achieved under state regulation. Treasury and the USTR must: (1) provide for public notice and comment on proposed agreements, and (2) include state insurance commissioners in any negotiations regarding such contemplated agreements.

These agreements shall not be: (1) used to provide the Federal Insurance Office or Treasury with any general supervisory or regulatory authority over the business of insurance or with the authority to participate in a supervisory college, or (2) considered an international insurance standard for purposes of this bill.

(Sec. 8) The Dodd-Frank Wall Street Reform and Consumer Protection Act is amended to authorize the independent member of the Financial Stability Oversight Council to:

 perform specified consultant duties with international insurance supervisors, international financial stability counterparts, as well as Treasury; attend the FSB, and arrange for the attendance and participation at the FSB of state insurance commissioners on matters related to insurance and financial stability; and attend, with the U.S. delegation, the Organization for Economic Cooperation and Development (OECD) and observe and participate at the OECD Insurance and Private Pensions Committee on those same matters. (Sec. 9) Parties representing the United States at the FSB on matters, and in meetings, related to insurance and financial stability shall consult with the state insurance commissioners and seek to include them in those meetings.

(Sec. 11) The Securities Exchange Act of 1934 is amended to reduce for FY2017 the amount that the Securities and Exchange Commission (SEC) may deposit in the Securities and Exchange Commission Reserve Fund from registration fee collections. Excess amounts shall be deposited in the Treasury and shall not be available for obligation by the SEC.

transparent insurance standards act sec bill specifies objectives international insurance standards sec united_states agree accept establish enter consent adoption final international insurance standard international standard setting organization foreign government authority regulatory entity certain public notice comment requirements capital standards met case international insurance standard setting forth capital standard insurers international standard consistent state based capital requirements board_of_governors federal_reserve_system issued capital requirements insurance companies supervises rulemaking period public notice comment international standard consistent federal_reserve_board capital requirements department_of_the_treasury federal_reserve_board agree international standard proposed standard change state law proposed international capital standard insurers designed solely help ensure sufficient funds available pay claims insurer policyholders event liquidation entity adoption international insurance standard treasury federal_reserve_board consultation state insurance commissioners shall analyze report congress impact standard consumers markets changes state law result final standard report available public comment reviewed government_accountability_office gao congress shall days approve reject final standard sec treasury federal_reserve_board report annually provide testimony congress months insurance standard setting issues discussion international standard setting bodies effects international insurance standards consumers insurance markets positions taken treasury federal_reserve_board meeting objectives efforts increase transparency state insurance commissioners provide testimony reports congress federal_reserve_board treasury report provide testimony efforts increase transparency meetings gao report provide testimony transparency accountability organization acting designee direction head state insurance department issues related international insurance standards employed directly state gao report describe organization participation policy deliberations related international insurance standards financial support state insurance department personnel budgeting process international insurance discussions issues involving international forum financial regulators supervisors effect establishment self executing national standards sec bill expands procedures treasury ustr follow entering bilateral multilateral agreements prudential measures respect business insurance reinsurance entered united_states foreign governments authorities regulatory entities relate recognition prudential measures achieve level protection insurance reinsurance consumers substantially equivalent protection achieved state regulation treasury ustr provide public notice comment proposed agreements include state insurance commissioners negotiations contemplated agreements agreements shall provide federal_insurance_office treasury general supervisory regulatory authority business insurance authority participate supervisory college considered international insurance standard purposes bill sec dodd frank wall street reform consumer protection act amended authorize independent member financial_stability_oversight_council perform specified consultant duties international insurance supervisors international financial stability counterparts treasury attend arrange attendance participation state insurance commissioners matters related insurance financial stability attend delegation observe participate matters sec parties representing united_states matters meetings related insurance financial stability shall consult state insurance commissioners seek include meetings sec securities_exchange_act amended reduce fy2017 securities_and_exchange_commission sec deposit registration fee collections excess amounts shall deposited treasury shall available obligation sec


Summary:
This bill amends the Internal Revenue Code to modify the tax treatment of certain life insurance contract transactions.

The bill establishes reporting requirements for acquisitions of life insurance contracts in a reportable policy sale. Specified details must be reported regarding:

 the payments, contracts, and people involved in the acquisition; the seller's basis; and payments of death benefits. A "reportable policy sale" is the acquisition of an interest in a life insurance contract, directly or indirectly, if the acquirer has no substantial family, business, or financial relationship with the insured apart from the acquirer's interest in such life insurance contract.

The bill also: (1) specifies that no basis adjustment shall be made for mortality, expense, or other reasonable charges incurred under an annuity or life insurance contract; and (2) exempts the transfer of a life insurance contract, or any interest therein, in a reportable policy sale from the transfer for valuable consideration rule.

(Under current law, the transfer for valuable consideration rule provides that, if a life insurance contract or an interest in a contract is transferred for a valuable consideration, the tax exclusion for amounts received under a life insurance contract due to the death of the insured is limited to the sum of the actual value of the consideration and the premiums and other amounts subsequently paid by the transferee.)

bill amends internal_revenue_code modify tax treatment certain life insurance contract transactions bill establishes reporting requirements acquisitions life insurance contracts reportable policy sale specified details reported payments contracts people involved acquisition seller basis payments death benefits reportable policy sale acquisition interest life insurance contract directly indirectly substantial family business financial relationship insured apart interest life insurance contract bill specifies basis adjustment shall mortality expense reasonable charges incurred annuity life insurance contract exempts transfer life insurance contract interest reportable policy sale transfer valuable consideration rule current law transfer valuable consideration rule provides life insurance contract interest contract transferred valuable consideration tax exclusion amounts received life insurance contract death insured limited sum actual value consideration premiums amounts subsequently paid transferee


Summary: This bill amends the Internal Revenue Code to exclude from the taxable income of a life insurance company or other insurance company: (1) any non-taxed reinsurance premium; (2) any additional amount paid by an insurance company with respect to the reinsurance for which such non-taxed reinsurance premium is paid; and (3) any return premium, ceding commission, reinsurance recovered, or other amount received by an insurance company with respect to the reinsurance for which such non-taxed reinsurance premium is paid.

bill amends internal_revenue_code exclude taxable income life insurance company insurance company non taxed reinsurance premium additional paid insurance company respect reinsurance non taxed reinsurance premium paid return premium ceding commission reinsurance recovered received insurance company respect reinsurance non taxed reinsurance premium paid


Summary:
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.

insurance regulation works act bill requires parties representing federal government international insurance regulatory proposals ensure proposals consistent reflective existing federal state insurance laws regulations including policyholder protection solvency regulation recognize existing federal state laws regulations satisfying proposals federal government representatives consult seek include state insurance commissioners meetings international regulatory standard setting supervisory forum negotiations international agreements relating insurance


Summary:
Policyholder Protection Act of 2015

 Amends the Federal Deposit Insurance Act to declare that any regulation, order, or other action of the Board of Governors of the Federal Reserve System that requires a bank holding company to provide funds or other assets to a subsidiary depository institution shall not be effective nor enforceable with respect to an entity that is a savings and loan holding company that is also an insurance company, an affiliate of an insured depository institution that is an insurance company, or any other company that is an insurance company and that directly or indirectly controls an insured depository institution if: (1) such funds or assets are to be provided by the entity, and (2) the state insurance authority for the insurance company determines that such an action would have a materially adverse effect on the entity's financial condition.Declares that requiring a bank holding company that is an insurance company or such an entity to serve as a source of financial strength shall be deemed the kind of action of the Board to which this Act applies.

Amends the Dodd-Frank Wall Street Reform and Consumer Protection Act, with respect to systemic risk determination and the treatment of insurance companies and their subsidiaries, to authorize the Federal Deposit Insurance Corporation (FDIC) to stand in the place of the appropriate regulatory agency and file a judicial action to place such companies into orderly rehabilitation under state law if the appropriate regulatory agency has not done so.

Requires the FDIC, when funding the orderly liquidation of an insurance company or its subsidiary, to notify the relevant state insurance authority promptly of its intention to take a lien on the company's assets.

Prohibits the FDIC from taking such a lien if the state insurance authority informs it that doing so would have a materially adverse effect upon the insurance company's policyholders.

policyholder protection act amends federal_deposit_insurance_act declare regulation order action board_of_governors federal_reserve_system requires bank holding company provide funds assets subsidiary depository institution shall effective enforceable respect entity savings loan holding company insurance company affiliate insured depository institution insurance company company insurance company directly indirectly controls insured depository institution funds assets provided entity state insurance authority insurance company determines action materially adverse effect entity financial condition declares requiring bank holding company insurance company entity serve source financial strength shall deemed kind action board act applies amends dodd frank wall street reform consumer protection act respect systemic risk determination treatment insurance companies subsidiaries authorize federal_deposit_insurance_corporation fdic stand place appropriate regulatory agency file judicial action place companies orderly rehabilitation state law appropriate regulatory agency requires fdic funding orderly liquidation insurance company subsidiary notify relevant state insurance authority promptly intention lien company assets prohibits fdic taking lien state insurance authority informs materially adverse effect insurance company policyholders


Summary:
(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)

(Sec. 1) This bill amends the Internal Revenue Code to expand the eligibility of certain small insurance companies (other than life insurance companies) for the alternative corporate income tax by increasing the premium limitation used to determine such eligibility to $2.2 million (from $1.2 million), with an annual inflation adjustment to such increased amount after 2015. This increase is applicable to taxable years beginning after the enactment of this Act.

The Department of the Treasury must submit to the Senate Finance Committee by February 11, 2016, a report on the abuse of captive insurance companies for estate planning purposes, including legislative recommendations for addressing any such abuses.

(Sec. 2) This bill also increases from 30% to 45% the rate of the continuous levy on payments made after 180 days after the enactment of this Act to Medicare providers and suppliers for unpaid taxes.

measure amended introduced summary expanded action occurred measure sec bill amends internal_revenue_code expand eligibility certain small insurance companies life insurance companies alternative corporate income tax increasing premium limitation determine eligibility million million annual inflation adjustment increased increase applicable taxable years beginning enactment act department_of_the_treasury submit february report abuse captive insurance companies estate planning purposes including legislative recommendations addressing abuses sec bill increases rate continuous levy payments days enactment act medicare providers suppliers unpaid taxes


Summary:
International Insurance Capital Standards Accountability Act of 2015

This bill establishes at the Board of Governors of the Federal Reserve System the Insurance Policy Advisory Committee on International Capital Standards and Other Insurance Issues, a 21-member committee representing diverse expert perspectives from the U.S. insurance industry (including life insurance, property and casualty insurance and reinsurance, agents and brokers, academics, consumer advocates, or experts on issues facing underserved insurance communities and consumers).

The Secretary of the Treasury and the Board Chairman shall report annually to certain congressional committees on their efforts with the National Association of Insurance Commissioners regarding global insurance regulatory or supervisory forums.

The Secretary, the Board Chairman, and the Director of the Federal Insurance Office, before supporting or consenting to the adoption of any key element in any international insurance proposal or international insurance capital standard, must study its impact upon U.S. markets and consumers.

The Secretary and the Board Chairman must also report, as well as testify to Congress on their efforts to increase transparency at meetings of the International Association of Insurance Supervisors.

bill establishes board_of_governors international capital standards insurance issues member committee representing diverse expert perspectives insurance industry including life insurance property casualty insurance reinsurance agents brokers academics consumer advocates experts issues facing underserved insurance communities consumers secretary treasury board chairman shall report annually certain congressional committees efforts national_association_of_insurance_commissioners global insurance regulatory supervisory forums secretary board chairman director federal_insurance_office supporting consenting adoption key element international insurance proposal international insurance capital standard study impact markets consumers secretary board chairman report testify congress efforts increase transparency meetings


Summary:
Captive Insurers Clarification Act

 Amends the Nonadmitted and Reinsurance Reform Act of 2010 to define "captive insurance company" as an insurance company wholly owned directly or indirectly: (1) by a single parent company and whose primary purpose is to insure the risks of that single parent company or its affiliates; (2) by a group of companies and whose primary purpose is to insure the risks of that group or its affiliates; and (3) by an industry, trade, or service group or association, and whose primary purpose is to insure the risks of any member in that group or association, including any member affiliate.

Excludes a captive insurance company from the meaning of a "nonadmitted insurer" (that is not licensed to engage in the business of insurance in a state), and from any requirements (including state tax requirements) applying to a nonadmitted insurer.


Summary:
Offshore Reinsurance Tax Fairness Act

Amends the Internal Revenue Code to define "qualifying insurance corporation," for purposes of the insurance business exception to passive foreign investment company rules, as a foreign corporation: (1) that would be subject to U.S. taxation if it were a domestic corporation, and (2) the applicable insurance liabilities of which constitute more than 25% of its total assets. Allows an alternative facts and circumstances test for insurance corporations whose applicable insurance liabilities are not at least 25% of total assets if such percentage is at least 10% and the corporation is predominantly engaged in an insurance business.

amends internal revenue code define qualifying insurance corporation purposes insurance business exception passive foreign investment company rules foreign corporation subject taxation domestic corporation applicable insurance liabilities constitute total assets allows alternative facts circumstances test insurance corporations applicable insurance liabilities total assets percentage corporation predominantly engaged insurance business


Summary:
Holocaust Insurance Accountability Act of 2016

This bill allows a beneficiary of a Holocaust-era life, dowry, education, annuity, property, or other insurance policy to bring a civil action in a U.S. district court against the insurer for the covered policy to recover proceeds due or, otherwise, to enforce any rights under the policy.

 The bill covers any policy that was: (1) in effect at any time from January 31, 1933, to December 31, 1945; and (2) issued to a policy holder domiciled in any area that was occupied or controlled by Nazi Germany, an ally or friendly government, or the territorial jurisdiction of Switzerland.

 The bill requires the award: (1) to a prevailing beneficiary of the amount of the proceeds due under the policy, plus prejudgment interest at 6% per year, compounded annually, calculated from the date the amount was originally due; and (2) of treble damages against any insurer that acted in bad faith.

 A civil action under this bill must be filed within 10 years after enactment of this bill.

 A prior judgment or release entered for any claim arising under a covered policy in any civil action in a federal or state court shall not impair a claim brought under this bill.

Any executive agreement between the United States and a foreign government or any executive foreign policy of the U.S. government shall not supercede or preempt any state law or compromise, settle, extinguish, waive, preclude, bar, or foreclose any claim brought under this bill.

 A claim brought under state law within 10 years after enactment of this bill shall not be deemed untimely on the basis of any state or federal statute of limitations or on the basis of any other legal or equitable rule or doctrine governing timeliness.

holocaust insurance accountability act bill allows beneficiary holocaust era life education annuity property insurance policy bring civil action district court insurer covered policy recover proceeds enforce rights policy bill covers policy effect time january december issued policy holder domiciled area occupied controlled ally friendly government territorial jurisdiction bill requires award prevailing beneficiary proceeds policy plus prejudgment interest year compounded annually calculated date originally treble damages insurer acted bad faith civil action bill filed years enactment bill prior judgment release entered claim arising covered policy civil action federal state court shall impair claim brought bill executive agreement united_states foreign government executive foreign policy government shall preempt state law compromise settle extinguish waive preclude bar foreclose claim brought bill claim brought state law years enactment bill shall deemed basis state federal statute limitations basis legal equitable rule doctrine governing timeliness


Summary: Requires the House of Representatives and the Senate each to establish in its Committee on Appropriations a Subcommittee on Intelligence with jurisdiction over all the Committee's activities relating to intelligence and intelligence-related activities of the federal government. Requires public disclosure of certain intelligence funding information by the President and the House and Senate Committees on Appropriations.

requires house_of_representatives senate establish jurisdiction committee activities relating intelligence intelligence related activities federal government requires public disclosure certain intelligence funding information president house


Summary: Amends the National Security Act of 1947 to require the head of an element of the intelligence community (IC), no later than 24 hours after receiving a request for information regarding an officer, employee, or agent of such element from a federal department, agency, or office that is not an element of the IC, to report such request to the Attorney General and the congressional intelligence committees. Revises the definition of "covert agent" for purposes of such Act.

amends national security act require head element intelligence community later hours receiving request information officer employee agent element federal department agency office element report request attorney general congressional intelligence committees revises definition covert agent purposes act


Summary: Department of Homeland Security Procurement Improvement Act of 2007 - Amends the Homeland Security Act of 2002 to require: (1) the Chief Procurement Officer to provide homeland security procurement training to acquisition employees, including establishing training objectives, standards, requirements, and courses; and (2) the Secretary of Homeland Security to establish a Council on Procurement Training to make policy and training curriculum recommendations. Directs the Secretary to require any offeror for a contract to provide goods or services to the Department of Homeland Security (DHS) to submit, as part of the offeror's bid: (1) an attestation disclosing any substantial role the offeror, the offeror's employees, or any corporate parent or subsidiary may have played in creating a solicitation, request for proposal, or statement of work or objectives for DHS; (2) a description of safeguards used to prevent the offeror from receiving information through such role that could provide an undue advantage in submission of a contract offer; and (3) a written certification indicating whether the offeror is in default or delinquent on any tax payment to the federal government. Requires the Secretary to: (1) consider the contractor's past performance based on a review of information submitted regarding performance of government and private sector contracts; and (2) contact the relevant official who administered each such contract performed during the five-year period preceding the review. Requires the Secretary to review, strengthen, and issue DHS-wide guidance on the policy governing the use of DHS purchase cards by employees to conduct official business. Directs the Comptroller General to report to Congress on DHS contracting processes.

amends homeland security act require chief procurement officer provide homeland security procurement training acquisition employees including establishing training objectives standards requirements courses secretary homeland_security establish council procurement training policy training curriculum recommendations directs secretary require offeror contract provide goods services department_of_homeland_security dhs submit offeror bid attestation disclosing substantial role offeror offeror employees corporate parent subsidiary played creating solicitation request proposal statement work objectives dhs description safeguards prevent offeror receiving information role provide undue advantage submission contract offer written certification indicating offeror default delinquent tax payment federal government requires secretary consider contractor past performance based review information submitted performance government private sector contracts contact relevant official administered contract performed year period preceding review requires secretary review strengthen issue dhs wide guidance policy governing use dhs purchase cards employees conduct official business directs comptroller general report congress dhs contracting processes


Summary: Intelligence Community Audit Act of 2007 - Reaffirms the authority of the Comptroller General to audit and evaluate financial transactions, programs, and activities of elements of the intelligence community (those elements identified in the National Security Act of 1947) and obtain access to records for such purposes. Allows the Comptroller General to conduct an audit or evaluation of intelligence sources and methods or covert actions only upon a request of a congressional intelligence committee or the majority or minority leader of the Senate or the House of Representatives. Requires the Comptroller General to disclose the results of any such audit or evaluation only to the original requestor, the Director of National Intelligence, and the head of the relevant element of the intelligence community. Requires the Comptroller General to establish safeguards to protect the unauthorized disclosure of all classified and other sensitive information furnished to the Comptroller General in conducting an audit or evaluation.Requires elements of the intelligence community to cooperate with the Comptroller General in providing documentation and information necessary for audits and evaluations.

reaffirms authority comptroller_general audit evaluate financial transactions programs activities elements intelligence community elements identified national security act obtain access records purposes allows comptroller general conduct audit evaluation intelligence sources methods covert actions request congressional intelligence committee majority minority leader senate house_of_representatives requires comptroller general disclose results audit evaluation original director national_intelligence head relevant element intelligence community requires comptroller general establish safeguards protect unauthorized disclosure classified sensitive information furnished comptroller_general conducting audit evaluation requires elements intelligence community cooperate comptroller_general providing documentation information necessary audits evaluations


Summary: Intelligence Authorization Act for Fiscal Year 2007 - Authorizes appropriations for FY2007 for the conduct of intelligence and intelligence-related activities of the: (1) Office of the Director of National Intelligence; (2) Central Intelligence Agency (CIA); (3) Department of Defense (DOD); (4) Defense Intelligence Agency (DIA); (5) National Security Agency (NSA); (6) Departments of the Army, Navy, and Air Force; (7) Departments of State, the Treasury, Energy, and Justice; (8) Federal Bureau of Investigation (FBI); (9) National Reconnaissance Office; (10) National Geospatial-Intelligence Agency; (11) Coast Guard; (12) Department of Homeland Security; and (13) Drug Enforcement Administration (DEA). Specifies that the amounts authorized and the authorized personnel ceilings as of September 30, 2007, for such activities are those specified in the classified Schedule of Authorizations, which shall be made available to the Senate and House Appropriations Committees and the President. Allows the Director of Central Intelligence, with the approval of the Director of the Office of Management and Budget, to authorize employment of civilian personnel in excess of the number authorized for FY2007 when necessary for the performance of important intelligence functions. Requires notification of the congressional intelligence committees on the use of such authority. Authorizes appropriations for the Intelligence Community Management Account for FY2007, as well as for full-time personnel for elements within such Account. Authorizes appropriations for FY2007 for the Central Intelligence Agency Retirement and Disability Fund. Specifies that the authorization of appropriations by this Act shall not be deemed to constitute authority for the conduct of any intelligence activity which is not otherwise authorized by the Constitution of laws of the United States.

intelligence authorization act fiscal year authorizes appropriations fy2007 conduct intelligence intelligence related activities office director national_intelligence central intelligence agency cia department defense dod defense intelligence agency dia national_security_agency nsa departments army navy air_force departments_of_state treasury energy justice fbi national_reconnaissance_office national_geospatial-intelligence_agency coast_guard department_of_homeland_security drug enforcement administration dea specifies amounts authorized authorized personnel ceilings september activities specified classified schedule authorizations shall available senate president allows director approval director office_of_management_and_budget authorize employment civilian personnel excess number authorized fy2007 necessary performance important intelligence functions requires notification congressional intelligence committees use authority authorizes appropriations intelligence_community_management_account fy2007 time personnel elements account authorizes appropriations fy2007 central_intelligence_agency_retirement_and_disability_fund specifies authorization appropriations act shall deemed constitute authority conduct intelligence activity authorized constitution laws united_states


Summary: National Security Letter Judicial and Congressional Oversight Act - Prohibits a national security letter from issuing unless a Foreign Intelligence Surveillance Court or a designated U.S. Magistrate Judge finds that: (1) the information sought is relevant to an authorized investigation to protect against international terrorism or clandestine intelligence activities; (2) such an investigation of a U.S. person is not conducted soley upon the basis of activities protected by the first amendment to the Constitution; and (3) there are specific and articulable facts giving reason to believe that the information sought pertains to a foreign power or an agent of a foreign power. Requires the court established under the Foreign Intelligence Surveillance Act of 1978 (FISA) to establish an electronic system for the submission of documents and other information relating to such proceedings, and for the issuance of orders relating to national security letters. Expresses the sense of Congress that, in the case of a challenge to a nondisclosure requirement of a national security letter, a certification by the Attorney General or other appropriate head or deputy head of a federal department, agency, or instrumentality that disclosure of such a letter may endanger U.S. national security or interfere with diplomatic relations should not be considered conclusive evidence but only a rebuttable presumption that such disclosure would do so. Directs the Attorney General to establish minimization and destruction procedures to ensure that information obtained pursuant to a national security letter regarding persons no longer of interest in an authorized investigation is destroyed.

national security letter issuing foreign_intelligence_surveillance_court designated judge finds information sought relevant authorized investigation protect international terrorism clandestine intelligence activities investigation person conducted basis activities protected amendment constitution specific articulable facts giving reason believe information sought pertains foreign power agent foreign power requires court established foreign_intelligence_surveillance_act fisa establish electronic system submission documents information relating proceedings issuance orders relating national security letters expresses sense congress case challenge nondisclosure requirement national security letter certification attorney general appropriate head deputy head federal department agency instrumentality disclosure letter endanger national security interfere diplomatic relations considered conclusive evidence rebuttable presumption disclosure directs attorney general establish minimization destruction procedures ensure information obtained pursuant national security letter persons longer interest authorized investigation destroyed