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The House passed legislation that would for the first time establish a federal office designed to deal with insurance activities.

The Treasury Department's authority to preempt inconsistent state laws when concluding bilateral insurance trade agreements with foreign countries will be considerably watered down in final financial services reform legislation.

Eight insurance industry trade groups have written the Senate urging it to reject an amendment they said would "substantially weaken" the proposed Office of National Insurance's authority to address international trade issues.

The House passed the wide-ranging Wall Street Reform and Consumer Protection Act of 2009, drawing an immediate and generally favorable reaction from one insurance trade group and a lukewarm response from another.

Thanks to changes supported by carriers and agents, most industry groups are now satisfied with legislation creating a Federal Insurance Office within the Treasury Department that was passed last week.

Legislation creating a Federal Insurance Office within the Treasury Department was passed today by the House Financial Services Committee.

Legislation creating a Federal Insurance Office within the Treasury Department was passed by the House Financial Services Committee.

Four trade groups representing large insurers have sent a letter to the House Financial Services Committee opposing changes to legislation creating a Federal Insurance Office.