Page:United States Statutes at Large Volume 124.djvu/1613

 124 STAT. 1587 PUBLIC LAW 111–203—JULY 21, 2010 the State insurance regulators, consumer organizations, rep- resentatives of the insurance industry and policyholders, and other organizations and experts, as appropriate. ‘‘(q) USE OF EXISTING RESOURCES.—To carry out this section, the Office may employ personnel, facilities, and any other resource of the Department of the Treasury available to the Secretary and the Secretary shall dedicate specific personnel to the Office. ‘‘(r) DEFINITIONS.—In this section and section 314, the following definitions shall apply: ‘‘(1) AFFILIATE.—The term ‘affiliate’ means, with respect to an insurer, any person who controls, is controlled by, or is under common control with the insurer. ‘‘(2) COVERED AGREEMENT.—The term ‘covered agreement’ means a written bilateral or multilateral agreement regarding prudential measures with respect to the business of insurance or reinsurance that— ‘‘(A) is entered into between the United States and one or more foreign governments, authorities, or regulatory entities; and ‘‘(B) relates to the recognition of prudential measures with respect to the business of insurance or reinsurance that achieves a level of protection for insurance or reinsur- ance consumers that is substantially equivalent to the level of protection achieved under State insurance or reinsurance regulation. ‘‘(3) INSURER.—The term ‘insurer’ means any person engaged in the business of insurance, including reinsurance. ‘‘(4) FEDERAL FINANCIAL REGULATORY AGENCY.—The term ‘Federal financial regulatory agency’ means the Department of the Treasury, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, the Securities and Exchange Commission, the Commodity Futures Trading Commission, the Federal Deposit Insurance Corporation, the Federal Housing Finance Agency, or the National Credit Union Administration. ‘‘(5) NON-UNITED STATES INSURER.—The term ‘non-United States insurer’ means an insurer that is organized under the laws of a jurisdiction other than a State, but does not include any United States branch of such an insurer. ‘‘(6) OFFICE.—The term ‘Office’ means the Federal Insur- ance Office established by this section. ‘‘(7) STATE INSURANCE MEASURE.—The term ‘State insur- ance measure’ means any State law, regulation, administrative ruling, bulletin, guideline, or practice relating to or affecting prudential measures applicable to insurance or reinsurance. ‘‘(8) STATE INSURANCE REGULATOR.—The term ‘State insur- ance regulator’ means any State regulatory authority respon- sible for the supervision of insurers. ‘‘(9) SUBSTANTIALLY EQUIVALENT TO THE LEVEL OF PROTEC- TION ACHIEVED.—The term ‘substantially equivalent to the level of protection achieved’ means the prudential measures of a foreign government, authority, or regulatory entity achieve a similar outcome in consumer protection as the outcome achieved under State insurance or reinsurance regulation. ‘‘(10) UNITED STATES INSURER.—The term ‘United States insurer’ means—