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Groups Prepare For Senate Regulation Hearing

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The Senate Banking Committee is expecting many witnesses from insurance industry organizations to appear July 11 at a hearing on insurance regulation.

Maine Insurance Superintendent Alessandro Iuppa, president of the National Association of Insurance Commissioners, Kansas City, Mo., may be one of those testifying, according to insurance lobbyists.

Life industry witnesses probably will include representatives from the American Council of Life Insurers, Washington; the National Association of Insurance and Financial Advisors, Falls Church, Va.; and the American Bankers Insurance Association, Washington.

The property-casualty industry witnesses could include representatives from the American Insurance Association, Washington; the National Association of Mutual Insurance Companies, Indianapolis; the Property Casualty Insurers Association of America, Des Plaines, Ill.; the Independent Insurance Agents and Brokers of America, Alexandria, Va.; and the Council of Insurance Agents and Brokers, Washington.

Travis Plunkett, legislative director at the Consumer Federation of America, Washington, is also likely to appear.

The hearing will cover 3 proposals:

- S. 2509, a bill that would establish an optional federal charter for insurers.

- H.R. 5637, a bill that would make a company’s home state regulator the dominant regulator for the surplus lines and reinsurance markets.

- The State Modernization and Regulatory Transparency act, a proposal that continues to gestate in the House Financial Services Committee. The SMART bill would establish federal standards for state insurance regulation.


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