A House Financial Services Subcommittee approved three bills to improve the insurance regulatory system and increase the availability of coverage through risk retention groups. Members of the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises passed the Insurance Information Act, the National Association of Registered Agents and Brokers Reform Act and the Increasing Insurance Coverage Options for Consumers Act.

The OII bill was introduced by the subcommittee's chairman, Representative Paul Kanjorski of Pennsylvania. He offered an amendment making changes designed to assuage the concerns voiced by some critics of the bill. The amendment created a specific role for the National Conference of Insurance Legislators on the OII's advisory board, and language giving the OII authority to preempt state laws was clarified to apply, he said, under "very narrow circumstances and with a very detailed procedure."

The second bill approved was introduced by Representatives David Scott of Georgia and Geoff Davis of Kentucky. It modifies the original NARAB provisions of the Gramm-Leach-Bliley Act to immediately establish NARAB as a private, nonprofit entity managed by a board composed of insurance regulators and marketplace representatives.