Hearings on industry regulation hit House

The legislation would establish a panel to provide the federal government expertise in the area of insurance. The panel would consist of up to nine members to be appointed by the Treasury Secretary, with representatives from the Commerce Department and the office of the U.S. Trade Representative, as well as the National Association of Insurance Commissioners.

Organizations including NAILBA will continue to closely track this legislation as it serves as a precursor to the larger debate on insurance reform and specifically the industry’s push for an Optional Federal Charter (OFC) for the regulation of insurance.