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124 STAT. 1580 PUBLIC LAW 111–203—JULY 21, 2010

15 USC 80b–2 SEC. 419. TRANSITION PERIOD.
note.
Effective date. 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

Federal Subtitle A—Federal Insurance Office
Insurance Office
Act of 2010.
31 USC 301 note. 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

LAWS Reform and Consumer Protection Act; ‘‘(D) to assist the Secretary in administering the Ter- rorism Insurance Program established in the DepartmentPUBLIC with on anorris VerDate Nov 24 2008 12:15 Aug 04, 2010 Jkt 089139 PO 00203 Frm 00206 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL203.111 APPS06 PsN: PUBL203