124 STAT. 1584 PUBLIC LAW 111–203—JULY 21, 2010 to the subject matter contained within the covered agree- ment involved and shall achieve a level of protection for insurance or reinsurance consumers that is substantially equivalent to the level of protection achieved under State insurance or reinsurance regulation. ‘‘(C) NOTICE OF DETERMINATION OF INCONSISTENCY.— Upon making any determination under paragraph (1), the Director shall— ‘‘(i) notify the appropriate State of the determina- tion and the extent of the inconsistency; ‘‘(ii) establish a reasonable period of time, which shall not be less than 30 days, before the determination shall become effective; and ‘‘(iii) notify 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. ‘‘(3) NOTICE OF EFFECTIVENESS.—Upon the conclusion of the period referred to in paragraph (2)(C)(ii), if the basis for such determination still exists, the determination shall become effective and the Director shall— ‘‘(A) cause to be published a notice in the Federal Register that the preemption has become effective, as well as the effective date; and ‘‘(B) notify the appropriate State. ‘‘(4) LIMITATION.—No State may enforce a State insurance measure to the extent that such measure has been preempted under this subsection. ‘‘(g) APPLICABILITY OF ADMINISTRATIVE PROCEDURES ACT.— Determinations of inconsistency made pursuant to subsection (f)(2) shall be subject to the applicable provisions of subchapter II of chapter 5 of title 5, United States Code (relating to administrative procedure), and chapter 7 of such title (relating to judicial review), except that in any action for judicial review of a determination of inconsistency, the court shall determine the matter de novo. ‘‘(h) REGULATIONS, POLICIES, AND PROCEDURES.—The Secretary may issue orders, regulations, policies, and procedures to implement this section. ‘‘(i) CONSULTATION.—The Director shall consult with State insurance regulators, individually or collectively, to the extent the Director determines appropriate, in carrying out the functions of the Office. ‘‘(j) SAVINGS PROVISIONS.—Nothing in this section shall— ‘‘(1) preempt— ‘‘(A) any State insurance measure that governs any insurer’s rates, premiums, underwriting, or sales practices; ‘‘(B) any State coverage requirements for insurance; ‘‘(C) the application of the antitrust laws of any State to the business of insurance; or ‘‘(D) any State insurance measure governing the capital or solvency of an insurer, except to the extent that such State insurance measure results in less favorable treatment of a non-United State insurer than a United States insurer; ‘‘(2) be construed to alter, amend, or limit any provision of the Consumer Financial Protection Agency Act of 2010; or ‘‘(3) affect the preemption of any State insurance measure otherwise inconsistent with and preempted by Federal law.
