NU Online News Service, May 16, 1:05 p.m. — Washington
A House Financial Services Committee panel is expected to begin hearings on state regulation and optional federal chartering of insurance companies in June.
A committee representative confirmed that the Capital Markets Subcommittee, which is chaired by Rep. Richard Baker, R-La., is planning a series of hearings.
Industry representatives say they expect to see a total of three hearings in June, each of which will be about one week apart.
The hearings will examine the state of insurance regulation and the issues surrounding optional federal chartering.
While the senior Democrat on the Financial Services Committee, Rep. John J. Lafalce, D-N.Y., has introduced an optional federal chartering bill, H.R. 3766, it is not expected to be the focus of the hearings.
Phil Anderson, senior vice president of government affairs with the American Council of Life Insurers, Washington, says he views the upcoming hearings as the beginning of the dialogue on the need for optional federal chartering.