Rep. Paul Kanjorski, D-Pa., followed through on an earlier announcement Thursday and introduced a bill that would set up an Office of Insurance Information inside the U.S. Treasury Department.
The bill, H.R. 5840, would create the Insurance Information Act of 2008.
In addition to gathering data, the new OII would provide advice and expertise on insurance regulation for the Executive Branch and for Congress Kanjorski says.
The OII also would report to Congress every 2 years, establish federal policy on international insurance matters, and ensure that state insurance laws remain consistent with federal policy when the federal government negotiates international trade agreements.
The bill also would also establish an advisory council to advise the head of the OII. Council members would include state regulators, consumer group representatives and representatives of other insurance industry organizations.
Kanjorski is chairman of the House Financial Service Committee’s Capital Markets Subcommittee.
Kanjorski has recruited 4 members members of the House Financial Services Committee to serve as original bill co-sponsors. The original co-sponsors are Rep. Deborah Pryce, R-Ohio; Rep. Ed Royce, R-Calif.; Rep. Melissa L. Bean, D-Ill.; and Rep. Dennis Moore, D-Kan.
The American Council of Life Insurers, Washington, says it will support H.R. 5840.