“The Big ‘I’ is very concerned with H.R. 5840, legislation that would create an Office of Insurance Information (OII) within the Treasury Department," said Bob Rusbuldt, Big “I” President & CEO. "The OII would create a dual regulatory system. It is not optional, and it creates another layer of regulation and oversight on top of the current insurance regulatory system.”
Charles Symington, Senior Vice President of Government Affairs, added, "The OII would have considerable authority to preempt state laws and establish federal insurance policy, negatively impacting the state insurance regulatory structure. Additionally, Reps. Melissa Bean (D-Ill.) and Ed Royce (R-Calif.), the only sponsors of the House optional federal charter legislation and original sponsors of H.R. 5840, indicated at yesterday’s insurance hearing that they believed that an OII would be a step toward OFC. This clearly causes us great concern.”