The property and casualty industry in general supports creating a federal insurance office, according to testimony last week before Congress. But the devil is in the details, with the sector split over how much power and responsibility to give such a body.

Trade groups representing large insurers as well as reinsurers voiced support for a strong agency with broad powers under H.R. 2609–the Federal Insurance Office Act. But smaller insurers, independent agents and state insurance regulators asked that the scope of the agency be restricted.

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