In November 2011, the House Financial Services Subcommittee on Insurance, Housing and Community Opportunity held a hearing to discuss proposed legislation to:
- Prohibit the Federal Insurance Office of the Department of the Treasury and other financial regulators from collecting data directly from insurers. (In December 2011, the Subcommittee approved legislation removing the Federal Insurance Office’s subpoena power over insurers. See our blog on this topic by clicking here.
- Exclude insurance companies from the Federal Depository Insurance Corporation’s ‘‘orderly liquidation authority’’.
- Exclude insurance companies from the Board of Governors of the Federal Reserve System’s leverage capital requirements, risk-based capital requirements, and accounting standards.
The Subcommittee received statements from several industry organizations and the witness list included:
- Joseph Torti, III, Deputy Director and Superintendent, Insurance and Banking, Division of Insurance, Department of Business Regulation, State of Rhode Island, on behalf of the National Association of Insurance Commissioners
- Michael H. Lanza, Executive Vice President and General Counsel, Selective Insurance Group, Inc., on behalf of the Property Casualty Insurers Association of America
- Steven Monroe, Chief Compliance Officer, U.S. & Canada, Marsh, Inc., on behalf of The Council of Insurance Agents & Brokers
- Daniel Schwarcz, Associate Professor, University of Minnesota Law School