"On January 13, 2017, the United States and European Union (EU) concluded negotiations on the first insurance covered agreement. A covered agreement is a relatively new form of international agreement, established along with the Federal Insurance Office (FIO) in Title V of the Dodd-Frank Act (P.L. 111-203). The statute defines a covered agreement as a type of international insurance or reinsurance agreement for recognition of prudential measures that FIO and the United States Trade Representative (USTR) negotiate on a bilateral or multilateral basis. After such an agreement, FIO has relatively narrow authority to preempt state laws that are inconsistent with the agreement and result in less favorable treatment for foreign insurers. Such preemption, however, may not apply to any state insurance measure that 'governs any insurer's rates, premiums, underwriting, or sales practices.' Although FIO and USTR must consult with Congress on the negotiations, the statute does not require specific authorization or approval from Congress for the covered agreement to take effect."
CRS Insight, IN10648
Federation of American Scientists: http://www.fas.org/sgp/crs/index.html