WASHINGTON BUREAU — The National Association of Insurance Commissioners has won significant changes in legislation that could create a Federal Insurance Office.
The changes would require the FIO to coordinate its work with the efforts of state insurance regulators, and the changes also would give Congress and the courts the authority to limit the agency’s authority in connection with insurance matters.
The new language is contained in a manager’s amendment to H.R. 2609, the Federal Insurance Office Act of 2009 bill.
House Financial Services Committee leaders approved the amendment Tuesday.
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Although the changes in the bill have pleased the NAIC, they appear to have upset supporters of a stronger federal role in insurance regulation.
Groups with concerns about the changes appear to include the American Council of Life Insurers, Washington; the American Insurance Association, Washington; the Reinsurance Association of America, Washington; and the Financial Services Roundtable, Washington.