A Bush administration official is preparing to testify July 18 at a second Senate Banking Committee hearing on insurance regulation.
The witness list for the hearing includes Terri Vaughan, a former Iowa insurance commissioner; Scott Harrington, a health care finance researcher who teaches at Wharton; and Randal Quarles, Treasury under secretary for domestic finance.
The Senate Banking Committee held its first insurance regulation hearing Tuesday, and some are saying it may hold a third hearing in September.
One topic of discussion at the hearing is likely to be S. 2509, an “optional federal charter” bill. The OFC approach would give insurers a chance to choose between being regulated by state officials or by a new federal agency.
Treasury has not endorsed S. 2509, and Quarles is still preparing his testimony, a Treasury official says.
But Treasury officials praised the authors of S. 2509 for contributing to discussions about insurance regulation reform when the bill came out.
Emil Henry, assistant Treasury secretary for financial institutions, has been asking insurers, brokers and others about what they think of the idea of the administration supporting an OFC proposal, a lobbyist says.