Amends the Council membership and term/acting-member rules: adds a State insurance commissioner appointed by the President (with Senate advice and consent) to subsection (b)(1); revises the nonvoting-member provisions in subsection (b)(2), including changing subparagraph (B) to read 'the United States Insurance Representative,' striking one subparagraph and redesignating others; and adds rules (paragraph (4) in subsection (b) and new provisions in subsection (c)) governing the President's request for candidate lists from the National Association of Insurance Commissioners, the consequences of the NAIC failing to submit a list, permitting an acting State insurance commissioner to serve as a nonvoting member notwithstanding 5 U.S.C. 3345, specifying NAIC selection process for an acting State insurance commissioner, and allowing continuation in office up to 18 months if a successor is not appointed and confirmed.

Amends subsection (a)(2)(A) and subsection (d) to remove the Federal Insurance Office from certain enumerations of entities referenced in the Council's information-collection/coordination provisions and to revise the phrasing listing the Office of Financial Research and member agencies.

Replaces instances of the Federal Insurance Office with the Secretary of the Treasury in specified provisions of 12 U.S.C. 5365(i).

Replaces each occurrence of the Director of the Federal Insurance Office in 12 U.S.C. 5383(a)(1)(C) with the term 'United States Insurance Representative'.

Amends the text of Section 211(a) (codified at 31 U.S.C. 313) by striking a listed set of officials that includes the Director of the Federal Insurance Office and replacing that text (replacement text not shown in provided section).