House Subcommittee to Consider Legislation for Formation of Federal Office of Insurance Information

On June 10, 2008, the House Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises (the “Subcommittee”) will hold a hearing on H.R. 5840, the Insurance Information Act of 2008, regarding the creation of a federal Office of Insurance Information (the “OII”).  If created, the OII would be part of the Treasury Department, and would be responsible for providing advice to the President and Congress on the insurance industry.  Congressman Paul Kanjorski (D-PA), the Subcommittee’s chairman, supports the creation of the OII as a federal knowledge base “would provide an effective way to help Congress and the federal government make more informed decisions regarding national and international insurance policy.”

The Insurance Information Act of 2008 is just one of the proposals contained in the Treasury Department’s Blueprint for a Modernized Financial Regulatory Structure (the “Blueprint”) that was released back on March 31, 2008.  For more information on the Blueprint, see our earlier post here.

We will continue to monitor this legislation, and other Blueprint-related developments, and provide updates at InsureReinsure.com.