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June 12, 2007 at 10:53 PM
House members are about to introduce one bill that would give insurers the option of choosing federal regulation and another bill that would extend the Terrorism Risk Insurance Act.
Speakers talked about the bills here today at a conference organized by the Risk and Insurance Management Society, New York.
Lawmakers want to move quickly, to make progress on insurance legislation before June 29, when Congress starts its Fourth of July recess, speakers said.
The recess will end June 9 for the House and June 10 for the Senate.
Rep. Ed Royce, R-Calif., said he would introduce an optional federal charter bill for insurers next week.
The OFC bill would be similar to a bill introduced in the Senate in May by Sens. John Sununu, R-N.H., and Tim Johnson, D-S.D., Royce said. The only change would be the addition of a set of “prompt corrective action” procedures for addressing concerns about insurers, Royce said.
The Senate Finance Committee might hold a hearing on the OFC bill in September, when Johnson, who suffered a brain hemorrhage in December 2006, plans to return to the Senate, according to Scott Eckel, a Sununu aide.
Royce also talked about the House TRIA extension bill.
Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee, could introduce a TRIA extension bill as early as this week, Royce said.
