Page:United States Statutes at Large Volume 124.djvu/1611

 124 STAT. 1585 PUBLIC LAW 111–203—JULY 21, 2010 ‘‘(k) RETENTION OF EXISTING STATE REGULATORY AUTHORITY.— Nothing in this section or section 314 shall be construed to establish or provide the Office or the Department of the Treasury with general supervisory or regulatory authority over the business of insurance. ‘‘(l) RETENTION OF AUTHORITY OF FEDERAL FINANCIAL REGU- LATORY AGENCIES.—Nothing in this section or section 314 shall be construed to limit the authority of any Federal financial regu- latory agency, including the authority to develop and coordinate policy, negotiate, and enter into agreements with foreign govern- ments, authorities, regulators, and multinational regulatory committees and to preempt State measures to affect uniformity with international regulatory agreements. ‘‘(m) RETENTION OF AUTHORITY OF UNITED STATES TRADE REP- RESENTATIVE.—Nothing in this section or section 314 shall be con- strued to affect the authority of the Office of the United States Trade Representative pursuant to section 141 of the Trade Act of 1974 (19 U.S.C. 2171) or any other provision of law, including authority over the development and coordination of United States international trade policy and the administration of the United States trade agreements program. ‘‘(n) ANNUAL REPORTS TO CONGRESS.— ‘‘(1) SECTION 313(f) REPORTS.—Beginning September 30, 2011, the Director shall submit a report on or before September 30 of each calendar year to the President and to the Committees on Financial Services and Ways and Means of the House of Representatives and the Committees on Banking, Housing, and Urban Affairs and Finance of the Senate on any actions taken by the Office pursuant to subsection (f) (regarding preemption of inconsistent State insurance measures). ‘‘(2) INSURANCE INDUSTRY.—Beginning September 30, 2011, the Director shall submit a report on or before September 30 of each calendar year to the President and to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate on the insurance industry and any other information as deemed relevant by the Director or requested by such Committees. ‘‘(o) REPORTS ON U.S. AND GLOBAL REINSURANCE MARKET.— The Director shall submit to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate— ‘‘(1) a report received not later than September 30, 2012, describing the breadth and scope of the global reinsurance market and the critical role such market plays in supporting insurance in the United States; and ‘‘(2) a report received not later than January 1, 2013, and updated not later than January 1, 2015, describing the impact of part II of the Nonadmitted and Reinsurance Reform Act of 2010 on the ability of State regulators to access reinsur- ance information for regulated companies in their jurisdictions. ‘‘(p) STUDY AND REPORT ON REGULATION OF INSURANCE.— ‘‘(1) IN GENERAL.—Not later than 18 months after the date of enactment of this section, the Director shall conduct a study and submit a report to Congress on how to modernize and improve the system of insurance regulation in the United States.