Legislation sent to Congress last week by the TreasuryDepartment, which details an Office of National Insurance thatwould have strong authority over solvency and international issues,is already dividing the property and casualty industry.
The legislation gives the proposed agency authority to designateinsurers as systemically risky and subpoena power to collectinformation from insurers.
It is considered stronger thanlegislation recently introduced in the House creating an Office ofInsurance Information, because the Treasury proposal specificallygives the ONI the power to designate insurers as "Tier 1 financialholding companies," which would trigger "systemic risk" regulatoryoversight by the Federal Reserve.
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