Earlier this month, the House Financial Services Capital Markets Subcommittee held a hearing on legislation seeking to create a federal office for insurance regulation within the Treasury Department.
The bill aims to improve financial regulation by setting up an Office of Insurance Information that would collect insurance data at the national level and boost the government’s in-house expertise on insurance policy.
In addition, the office would advise legislators on international as well as domestic insurance concerns.
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.