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The National Association of Insurance Commissioners has won significant changes to legislation creating a Federal Insurance Office, giving state regulators more say in its operations.

The National Association of Insurance Commissioners has won significant changes to legislation creating a Federal Insurance Office, giving state regulators more say in its operations.

Legislation to create a Federal Insurance Office should contain language allowing it to preempt state law where it conflicts with some limitedinternational trade agreements, an official said.

State regulators, legislators and even a consumer advocate group expressed alarm last week over efforts in Congress to usurp some insurance oversight power, warning that federal lawmakers are going too far in preempting local authority over the industry.

A proposal to allow the Treasury Department to enter into "international agreements" on solvency measures is drawing strong objections from state insurance regulators

Any legislation creating a Federal Insurance Office will include a strong role for the Treasury Department in negotiating international insurance agreements, the leadership of the House Financial Services Committee made clear.

The property and casualty insurance industry in general supports creating a Federal Office of Insurance, according to testimony yesterday before Congress, but some trade groups are at odds on its scope.

The chairman of a key House Financial Services panel last night unveiled draft legislation creating a federal insurance regulatory office that tracks with minor omissions legislation submitted to Congress by the Obama administration.