Washington — In something as large and multi-faceted as the insurance industry, a consensus is hard to come by. Yet, when representatives from of all parts of the insurance industry testified before a House subcommittee this week, something vaguely resembling one emerged. 

However, this is not to say reviews for H.R. 5840, otherwise known as the Insurance Information Act of 2008, were all positive, as concerns and caveats aplenty emerged during the course of the testimony. The legislation’s intent seems benign enough: to foster greater uniformity among state insurance regulations and thereby help harmonize the regulatory regime in the United States with international standards. To do so, the legislation directs the Secretary of the Treasury to create an Office of Insurance Information (OII) that would advise the President and Congress on domestic and international policy issues regarding all lines of insurance except health insurance.   “The Federal government should have an in-house expert on insurance matters,” said Rep. Paul E. Kanjorski (D-Penn.), who sponsored the legislation, in his opening remarks.

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