Congress Likely To Take Up Insurance Issues After July 4

The Capital Markets Subcommittee of the House Financial Services Committee has tentatively scheduled action on July 9 on legislation that would create an Office of Insurance Information within the Treasury Department.

The scheduled action is just one of a number of insurance bills on Congress’ agenda in July.

The panel is also weighing whether to process bills at the same time that would allow risk retention groups to sell property insurance and reestablish the National Association of Registered Agents and Brokers, according to several insurance industry lobbyists.

Congress is taking its July 4th recess this week but will resume work July 7th. Because this is a presidential election year, Congress is expected to take off the entire month of August, hold a brief session in September, and not resume work until after the election in November.

It is unclear at this time whether the insurance legislation taken up by the subcommittee will then be taken up by the full Committee, or go directly to the House floor.

There is no companion legislation to any of the bills that could be taken up next week and introduced in the Senate at this time.

The Insurance Information Act, or H.R. 5840, would establish an Insurance Information Office within the Treasury Department to provide needed expertise to the federal government on insurance issues and work with the U.S. Trade Representatives in dealing with other countries.

It was introduced in the House April 14 by Rep. Paul Kanjorski, D-Pa., chairman of the Capital Markets Subcommittee. A substitute to the bill as an amendment is expected to be introduced. The substitute is expected to clarify limits to the OII”s authority to preempt state regulation, as well as mandate that the National Association of Insurance Commissioners’ data and resources be used by OII staff.