; regulatory dialogues (1) Negotiations Nothing in this section shall be construed to prevent participation in negotiations of any proposed agreement or standard. (2) Regulatory dialogues Nothing in this section shall apply to regulatory dialogues not intended to create standards or result in an agreement not creating standards relating to the prudential aspects of insurance. 4. State insurance regulator involvement in international standard setting In developing international insurance standards or agreements pursuant to section 3, and throughout the negotiations of such standards or agreements, and in regulatory dialogues, parties representing the Federal Government shall, on matters related to insurance, closely consult, coordinate with, and seek to include in such meetings State insurance commissioners or, at the option of the State insurance commissioners, designees of the insurance commissioners acting at their direction. 5. Consultation with Congress (a) Requirement Parties representing the Federal Government with respect to any agreement under section 3 shall provide written notice to and consult with the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate, and any other relevant committees of jurisdiction— (1) before initiating negotiations to enter into the agreement, regarding— (A) the intention of the United States to participate in or enter into such negotiations; and (B) the nature and objectives of the negotiations; and (2) during negotiations to enter into the agreement, regarding— (A) the nature and objectives of the negotiations; (B) the implementation of the agreement, including how it is consistent with and does not materially differ from or otherwise affect Federal or State laws or regulations; (C) the impact on the competitiveness of United States insurers