WASHINGTON–The National Association of Insurance Commissioners, in a move they acknowledged is not unanimous, said they will support significantly revised legislation creating a federal Office of Insurance Information.
The NAIC letter to the measure's sponsor yesterday, backing creation of OII within the Treasury Department, came after the insurance regulators won concessions to reduce the new agency's ability to preempt state insurance laws, an informed source told National Underwriter.
In its latest version, the Information Act of 2008 (H.R. 5840) would allow the new Treasury agency to become an insurance information clearinghouse at the federal level and lead resource for negotiation of trade agreements with foreign nations.
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