Filed Under:Carrier Innovations, Regulation/Legislation

Top 20 Washington Insurance Power Brokers

U.S. Capitol on Election Day, 2008  (AP Photo/Susan Walsh)
U.S. Capitol on Election Day, 2008 (AP Photo/Susan Walsh)

While the insurance industry is state regulated, Washington D.C. has always remained a major player in the business through the introduction of various bills supported and opposed by the industry and through federal involvement in insurance programs such as the National Flood Insurance Program, the Terrorism Risk Insurance Act and the crop-insurance program.

In the wake of the financial crisis and the resulting Dodd-Frank financial-reform act, as well as enactment of the healthcare-reform law, the industry is now intensely focused on Washington, wondering how new federal powers and oversight authority will impact all corners of the insurance marketplace.

Therese (Terri) Vaughan, Ph.D., CEO of the National Association of Insurance Commissioners. The NAIC maintains a substantial presence in Washington. Vaughan is a key link between NAIC headquarters in Kansas City, Mo., and members of Congress, key federal regulators and industry lobbyists.

Roy Woodall, independent member for insurance issues on the Financial Stability Oversight Council. This federal agency will determine whether an insurer is "systemically significant," and therefore subject to dual federal as well as state regulation.

Timothy Geithner, secretary of the Treasury and chairman of the Financial Stability Oversight Council. His domain includes not only the FIO, but also the Office of Financial Research, created by the Dodd-Frank Act to provide information on the entire financial-services industry, including insurers.

Rep. Spencer Bachus, R-Ala., chairman of the House Financial Services Committee, the committee that is in most cases the starting point for legislation affecting the industry.

Rep. Judy Biggert, R-Ill., chair of the Insurance, Housing and Community Opportunity Subcommittee of the House Financial Services Committee. This subcommittee is the starting point for most legislation involving insurance, including issues involving the National Flood Insurance Program, the FIO and the Financial Stability Oversight Council, among other issues.

Rep. Dave Camp, R-Mich., chairman of the House Ways and Means Committee, the committee which must, by law, initiate all issues regarding taxation of insurers.

Sen. Tim Johnson, D-S.D., chairman of the Senate Banking Committee.

Sen. Max Baucus, D-Mont., chairman of the Senate Finance Committee, which has primary jurisdiction over tax and revenue issues dealing with insurers.

David A. Sampson, CEO of the Property and Casualty Insurers Association of America, which represents a mix of both large and small primarily domestic insurers.

Robert A. Rusbuldt, CEO of the Independent Insurance Agents and Brokers of America.

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