The National Association of Insurance Commissioners (NAIC) is expressing satisfaction with the latest incarnation of H.R. 2609, the Federal Insurance Office Act.The bill was originally introduced in May by Rep. Paul Kanjorski, (D-Pa.) and has been heavily amended since.
In a letter to the House Financial Services Committee, NAIC says the latest changes have made the bill palatable to state insurance regulators, who previously expressed concerns over the powers granted to a new Federal Insurance Office (FIO) in previous versions of the legislation.
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