AIA: Bill Establishing Federal Insurance Office Critical
Gov. Marc Racicot, president, American Insurance Association (AIA), today applauded a U.S. House subcommittee for advancing legislation (H.R. 5840) that would establish an Office of Insurance Information within the Federal Government.
Gov. Racicot’s statement follows:
“Today’s vote by the House Subcommittee on Capitol Markets is a recognition that an immediate need exists for federal expertise regarding the important national and international insurance trends in today’s rapidly changing and globalized marketplace. This office will help the U.S. Treasury analyze the important societal role that insurance plays in the domestic economy and will provide urgently needed leadership by the U.S. in international insurance regulatory policy making and agreements.
“The Office of Insurance Information could be a tremendously valuable tool for enabling the U.S. to speak with one voice on important insurance matters and for establishing U.S. leadership globally on developing international standards for insurance regulation.
“We thank Rep. Paul Kanjorski for introducing this common sense piece of legislation and for keeping it in the forefront. We look forward to working with him and other members to continue moving this critical piece of legislation forward.”
About AIA
The American Insurance Association represents approximately 350 major insurance companies that provide all lines of property and casualty insurance and write more than $123 billion annually in premiums. The association is headquartered in Washington, D.C. and has representatives in every state.
Source: Source: AIA | Published on July 10, 2008
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