Washington — The National Conference of Insurance Legislators (NCOIL) have asked Senate Committee on Banking, Housing, and Urban Affairs Chairman Sen. Chris Dodd (D-CT) to block efforts to fast-track legislation to create a federal Office of Insurance Information (OII).

In a letter, NCOIL recommended that the Senate slow down the legislative process for further debate and discussion. The letter followed in the wake of a July 29 hearing during which Sen. Dodd signaled that the Senate could consider a legislative package that may include parts of H.R. 5840, the Insurance Information Act of 2008, before adjourning in September.

“We do not understand the impetus behind moving legislation in such an expeditious manner that would substantially affect the governance of insurance regulation,” NCOIL President Rep. Brian Kennedy (R.I.) wrote. “There is no crisis in the insurance industry that would justify such swift Congressional action—as evidenced by the industry’s record profits. The insurance marketplace, unlike federally regulated banking institutions and markets, is well-regulated at the State level to protect consumers while providing a competitive environment for companies and investors.”

NCOIL leaders also requested that Sen. Dodd not bundle H.R. 5840 with other insurance-related bills, such as a bill to address the surplus lines market, and should consider separately the merits of each piece of legislation, instead of grouping several bills into one insurance package.

Source: NCOIL

Register or login for access to this item and much more

All Digital Insurance content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access