Kansas City, Mo. — The National Association of Insurance Commissioners (NAIC) sent a letter to Rep. Paul Kanjorski (D-Pa.), chair of the U.S. House Financial Services Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises, supporting H.R. 5840, The Insurance Information Act of 2008.
H.R. 5840 would establish an Office of Insurance Information within the U.S. Department of the Treasury. The bill enhances the ability of the states to send and receive confidential data with the federal government. It also ensures that the states will be able to protect prudential regulations in international insurance agreements. Most notably, H.R. 5840 specifies that it is does not establish supervisory or regulatory authority by the Office or the Treasury over the business of insurance.
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