1. Short title This Act may be cited as the International Insurance Standards Act of 2019 . 2. Congressional findings The Congress finds the following: (1) The State-based system for insurance regulation in the United States has served American consumers well for more than 150 years and has fostered an open and competitive marketplace with a diversity of insurance products to the benefit of policyholders and consumers. (2) Protecting policyholders by regulating to ensure an insurer’s ability to pay claims has been the hallmark of the successful United States system and should be the paramount objective of domestic prudential regulation and emerging international standards. (3) The Dodd-Frank Wall Street Reform and Consumer Protection Act ( Public Law 111–203 ) reaffirmed the State-based insurance regulatory system. 3. Requirement that insurance standards reflect United States policy (a) Requirement (1) In general Parties representing the Federal Government in any international regulatory, standard-setting, or supervisory forum or in any negotiations of any international agreements relating to the prudential aspects of insurance shall not agree to, accede to, accept, or establish any proposed agreement or standard if such parties determine that the United States system of insurance regulation would not satisfy such proposals. (2) Inapplicability Paragraph (1) shall not apply to any forum or negotiations relating to a covered agreement (as such term is defined in section 313(r) of title 31, United States Code). (b) Federal Insurance Office functions Subparagraph (E) of section 313(c)(1) of title 31, United States Code, is amended by inserting Federal Government after United States . (c) Negotiations