Rep. Paul Kanjorski (D-Pa.), chairman of the House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises, has released a discussion draft of legislation intended to create a federal insurance regulator.

H.R. 2609, formally dubbed the Insurance Information Act of 2009, has been renamed the Federal Insurance Office Act of 2009. Despite the re-branding, the contents of the bill are largely the same. The act seeks to create a federal insurance regulator, now named the Federal Insurance Office.

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