; (B) made the text available for public comment for a period of not less than 30 days; and (C) submitted a copy of the text to the appropriate committees of Congress on a date on which both Houses of Congress are in session; (2) the international capital insurance standard is not inconsistent with capital requirements set forth in the State-based system of insurance regulation; and (3) if the international capital insurance standard will apply to a company supervised by the Board of Governors, the international capital insurance standard is not inconsistent with the capital requirements of the Board of Governors for that company. 6. Reports (a) Reports and testimony by Secretary of the Treasury and Chair of the Board of Governors of the Federal Reserve System (1) In general The Secretary and the Chair of the Board of Governors, or their designees, shall submit to the appropriate committees of Congress an annual report, and provide annual testimony to those committees, relating to the efforts of the Secretary and the Chair, along with the National Association of Insurance Commissioners, with respect to global insurance regulatory or supervisory forums, including a description of— (A) the insurance regulatory or supervisory standard-setting issues under discussion at international standard-setting bodies, including the Financial Stability Board and the International Association of Insurance Supervisors; (B) the effects that proposals discussed at international insurance regulatory or supervisory forums of insurance could have on consumer and insurance markets in the United States; (C) any position taken by the Secretary and the Board of Governors during international insurance discussions; and (D) the efforts by the Secretary and the Board of Governors to increase transparency at— (i) the Financial Stability Board with respect to insurance proposals