The National Association of Insurance Commissioners has wonsignificant changes to legislation creating a Federal InsuranceOffice, giving state regulators more say in its operations.
The new language is contained in a manager's amendment to thebill agreed to last week. It would require the new agency toclosely coordinate with state regulators, and would give Congressand the courts the authority to further limit the agency'sauthority in insurance matters.
The changes in the Federal Insurance Office Act of 2009 wereagreed to by the leadership of the House Financial ServicesCommittee.
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