Page:United States Statutes at Large Volume 124.djvu/1606

 124 STAT. 1580 PUBLIC LAW 111–203—JULY 21, 2010 SEC. 419. TRANSITION PERIOD. Except as otherwise provided in this title, this title and the amendments made by this title shall become effective 1 year after the date of enactment of this Act, except that any investment adviser may, at the discretion of the investment adviser, register with the Commission under the Investment Advisers Act of 1940 during that 1-year period, subject to the rules of the Commission. TITLE V—INSURANCE Subtitle A—Federal Insurance Office SEC. 501. SHORT TITLE. This subtitle may be cited as the ‘‘Federal Insurance Office Act of 2010’’. SEC. 502. FEDERAL INSURANCE OFFICE. (a) ESTABLISHMENT OF OFFICE.—Subchapter I of chapter 3 of subtitle I of title 31, United States Code, is amended— (1) by redesignating section 312 as section 315; (2) by redesignating section 313 as section 312; and (3) by inserting after section 312 (as so redesignated) the following new sections: ‘‘SEC. 313. FEDERAL INSURANCE OFFICE. ‘‘(a) ESTABLISHMENT.—There is established within the Depart- ment of the Treasury the Federal Insurance Office. ‘‘(b) LEADERSHIP.—The Office shall be headed by a Director, who shall be appointed by the Secretary of the Treasury. The position of Director shall be a career reserved position in the Senior Executive Service, as that position is defined under section 3132 of title 5, United States Code. ‘‘(c) FUNCTIONS.— ‘‘(1) AUTHORITY PURSUANT TO DIRECTION OF SECRETARY.— The Office, pursuant to the direction of the Secretary, shall have the authority— ‘‘(A) to monitor all aspects of the insurance industry, including identifying issues or gaps in the regulation of insurers that could contribute to a systemic crisis in the insurance industry or the United States financial system; ‘‘(B) to monitor the extent to which traditionally under- served communities and consumers, minorities (as such term is defined in section 1204(c) of the Financial Institu- tions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 1811 note)), and low- and moderate-income persons have access to affordable insurance products regarding all lines of insurance, except health insurance; ‘‘(C) to recommend to the Financial Stability Oversight Council that it designate an insurer, including the affiliates of such insurer, as an entity subject to regulation as a nonbank financial company supervised by the Board of Governors pursuant to title I of the Dodd-Frank Wall Street Reform and Consumer Protection Act; ‘‘(D) to assist the Secretary in administering the Ter- rorism Insurance Program established in the Department Federal Insurance Office Act of 2010. 31 USC 301 note. 15 USC 80b–2 note. Effective date.