124 STAT. 1586 PUBLIC LAW 111–203—JULY 21, 2010 ‘‘(2) CONSIDERATIONS.—The study and report required under paragraph (1) shall be based on and guided by the following considerations: ‘‘(A) Systemic risk regulation with respect to insurance. ‘‘(B) Capital standards and the relationship between capital allocation and liabilities, including standards relating to liquidity and duration risk. ‘‘(C) Consumer protection for insurance products and practices, including gaps in State regulation. ‘‘(D) The degree of national uniformity of State insur- ance regulation. ‘‘(E) The regulation of insurance companies and affili- ates on a consolidated basis. ‘‘(F) International coordination of insurance regulation. ‘‘(3) ADDITIONAL FACTORS.—The study and report required under paragraph (1) shall also examine the following factors: ‘‘(A) The costs and benefits of potential Federal regula- tion of insurance across various lines of insurance (except health insurance). ‘‘(B) The feasibility of regulating only certain lines of insurance at the Federal level, while leaving other lines of insurance to be regulated at the State level. ‘‘(C) The ability of any potential Federal regulation or Federal regulators to eliminate or minimize regulatory arbitrage. ‘‘(D) The impact that developments in the regulation of insurance in foreign jurisdictions might have on the potential Federal regulation of insurance. ‘‘(E) The ability of any potential Federal regulation or Federal regulator to provide robust consumer protection for policyholders. ‘‘(F) The potential consequences of subjecting insurance companies to a Federal resolution authority, including the effects of any Federal resolution authority— ‘‘(i) on the operation of State insurance guaranty fund systems, including the loss of guaranty fund cov- erage if an insurance company is subject to a Federal resolution authority; ‘‘(ii) on policyholder protection, including the loss of the priority status of policyholder claims over other unsecured general creditor claims; ‘‘(iii) in the case of life insurance companies, on the loss of the special status of separate account assets and separate account liabilities; and ‘‘(iv) on the international competitiveness of insur- ance companies. ‘‘(G) Such other factors as the Director determines necessary or appropriate, consistent with the principles set forth in paragraph (2). ‘‘(4) REQUIRED RECOMMENDATIONS.—The study and report required under paragraph (1) shall also contain any legislative, administrative, or regulatory recommendations, as the Director determines appropriate, to carry out or effectuate the findings set forth in such report. ‘‘(5) CONSULTATION.—With respect to the study and report required under paragraph (1), the Director shall consult with
