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July 30, 2008 at 11:50 AM
The House will be delaying floor action on the federal Office of Insurance Information bill and the national producer licensing system bill.
The OII bill is H.R. 5840, the Insurance Information Act, and the producer licensing bill is H.R. 5611, the National Association of Registered Agents and Brokers Reform Act.
Industry lobbyists say the House will be putting off action on the bills until sometime after Sept. 8, when it returns from its summer recess, because Rep. Jackie Speier, D-Calif., says the bills may inadvertently pre-empt California’s Proposition 103, a 1988 ballot initiative that mandates prior approval of automobile insurance rate changes in California and repealed the state’s life insurance anti-rebating law.
Speier first raised the concerns July 9, during a House Financial Services Committee capital markets subcommittee markup of the bills.
