Legislation sent to Congress last week by the Treasury Department, which details an Office of National Insurance that would have strong authority over solvency and international issues, is already dividing the property and casualty industry.
The legislation gives the proposed agency authority to designate insurers as systemically risky and subpoena power to collect information from insurers.
It is considered stronger than legislation recently introduced in the House creating an Office of Insurance Information, because the Treasury proposal specifically gives the ONI the power to designate insurers as "Tier 1 financial holding companies," which would trigger "systemic risk" regulatory oversight by the Federal Reserve.
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