Legislation that would establish a federal Office of Insurance Information has won the qualified support of state insurance regulators, but state legislators raised a number of concerns at a Capitol Hill hearing last week.
At a hearing of the House Financial Services Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises, Illinois Insurance Director Michael McRaith said the legislation–introduced by Subcommittee Chair Paul Kanjorksi, D-Pa.–has won the "conditional support" of the National Association of Insurance Commissioners, provided that the powers granted to the proposed OII are not expanded any further.
The legislation–known as the Insurance Information Act, or HR 5840–would establish an insurance information office within the Treasury Department to provide needed expertise to the federal government on insurance issues, as well as work with the U.S. Trade Representatives in dealing with other countries.
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