; (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; and (D) the impact on United States consumers. (b) Consultation with Federal Advisory Committee on Insurance Before entering into an agreement under section 3, the Secretary of the Treasury shall seek to consult with the Federal Advisory Committee on Insurance formed pursuant to section 313(h) of title 31, United States Code. 6. Report to Congress on international insurance agreements Before entering into an agreement under section 3, parties representing the Federal Government shall submit to the appropriate congressional committees and leadership a report that describes— (1) 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; (2) the impact on the competitiveness of United States insurers; and (3) the impact on United States consumers. 7. Inapplicability to trade agreements This Act shall not apply to any forum or negotiations related to a trade agreement.