A bill to require the Board of Governors of the Federal Reserve System to establish an Insurance Policy Advisory Committee on International Capital Standards and Other Insurance Issues, and for other purposes.

International Insurance Capital Standards Accountability Act of 2017 This bill directs the Federal Reserve Board (FRB) to establish the Insurance Policy Advisory Committee on International Capital Standards and Other Insurance Issues. The bill prohibits the Department of the Treasury and the FRB from agreeing to an international capital insurance standard unless: (1) it meets specified notice and comment requirements, (2) it is consistent with current state-based capital requirements, and (3) it is consistent with any FRB capital requirements for an FRB-supervised company. Treasury and the FRB must: report annually on their efforts with the National Association of Insurance Commissioners regarding global insurance regulatory or supervisory forums, study an international insurance capital standard's impact on U.S. markets and consumers before agreeing to its adoption, and report on their efforts to increase transparency at meetings of the International Association of Insurance Supervisors.