NU Online News Service, Oct. 6, 11:55 p.m. EDT

The property and casualty insurance industry in general supports creating a Federal Office of Insurance, according to testimony yesterday before Congress on the industry's reaction to draft legislation that would create such an office, but some trade groups are at odds on its scope.

Trade groups representing large insurers as well as reinsurers voiced support for a strong agency with broad powers, while smaller insurers and independent agents asked that the scope of the agency be limited beyond that proposed in the legislation.

Recommended For You

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
NOT FOR REPRINT

© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.