House Committee Considers Bill That Would Create Office of Insurance Information

The U.S. House of Representatives Financial Services Committee currently is considering a bill that would establish a federal Office of Insurance Information within the Department of the Treasury. The office would be formed to:

• Collect, analyze and disseminate information and issue reports regarding all insurance except health insurance;
• Establish federal policy on international insurance matters and ensure that state insurance laws are consistent with agreements between the United States and a foreign government or regulatory entity; and
• Advise the Secretary of the Treasury on major domestic and international insurance policy issues.

The bill, known as the Insurance Information Act of 2008, also would pre-empt inconsistent state law and would require the head of the Office of Insurance Information to report to specified congressional committees on the financial state and meaningful trends of the insurance industry.

H.R. 5840 was introduced in April by Rep. Paul E. Kanjorski (D - Pa.). It began in the subcommittee on Capital Markets, Insurance and Government-Sponsored Enterprises, and in July was voted to the House Financial Services Committee, where it currently is under review.

CLICK HERE for more information about H.R. 5840.

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