House Panel Also Approves Creation of Office of Insurance
A House of Representatives subcommittee on Wednesday approved legislation that would create an Office of Insurance Information in the Treasury Department. Under the Insurance Information Act of 2008—which the House Financial Services Committee’s Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises approved Wednesday afternoon—the new office would collect insurance data and information, analyze it and issue reports on insurance issues.
The body also would establish federal policy on international insurance issues and determine whether individual state policies are consistent with policies agreed by the federal government and other governments or foreign regulators.
The Secretary of the Treasury would have limited powers to recommend pre-emption of state policies that are not consistent with federal policy and international agreements. The office, however, would have no authority over health insurance.
Published on July 10, 2008
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