Sens. Heller (R-NV) and Tester (D-MT) have introduced legislation to create an Insurance Policy Advisory Committee on International Capital Standards and Other Insurance Issues. The Committee is designed to give the National Association of Insurance Commissioners (NAIC) more clout over U.S. positions on global insurance-regulatory matters and to impose an array of speed-bumps and disclosure requirements before the FRB and Treasury can agree to international protocols and standards for the insurance sector. Although the U.S. is not barred from participation in international forums, its ability in practice to participate in decision-making and to implement it could be significantly constrained.

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