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July 02, 2008 at 10:26 AM
The House Financial Services Committee capital markets subcommittee may act July 9 on H.R. 5840, a bill that would create an Office of Insurance Information within the Treasury Department.
The subcommittee also is weighing whether to act at the same time on H.R. 5611, a bill that would reestablish the National Association of Registered Agents and Brokers, and on H.R. 5792, a bill that would allow risk retention groups to sell property insurance, according to several insurance industry lobbyists.
H.R. 5840, the Insurance Information Act, was introduced in the House in April by Rep. Paul Kanjorski, D-Pa., chairman of the capital markets subcommittee.
The OII, the agency created by the bill, would give the federal government advice on insurance issues and help the U.S. Trade Representative in dealings with other countries.
OII watchers are expecting Kanjorski to propose a substitute bill that would limit the OII’s authority to preempt state regulation and add a representative from the Federal Trade Commission to the OII’s advisory board.
