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Rep. Duffy circulates bill to give covered agreement authority to Congress

A discussion draft of a bill, aimed at altering key pieces of the covered agreement, circulated around Capitol Hill on April 7 in hopes that Congress would be given authority to negotiate international insurance deals.

The bill, authored by Rep. Sean Duffy, R-Wisc., chairman of the House Financial Services Subcommittee on Housing and Insurance, would require international insurance agreements to be scrutinized under Congress' authority. Currently, the Treasury Department and U.S. Trade Representative have the authority to handle international insurance deals.

Negotiations with the Treasury department over the covered agreement have already begun, but the National Association of Insurance Commissioners requested that those negotiations be reopened.

Inquiries as to whether the bill would be introduced in the House were not returned.