The bill would establish an Office of Insurance Information (OII) within the Department of the Treasury to provide a locus of insurance expertise in the federal government.
"While most other pieces of the national economy have some sort of knowledge center within the federal government, insurance currently stands without a central office,” Kanjorski said in a statement. “The Office of Insurance Information would help Congress and the federal government make better decisions regarding national and international insurance policy, as such knowledge of the industry does not exist at this time. Additionally, as I currently work to examine what role the federal government should ultimately have in overseeing insurance, this legislation provides a minimum step to ensure that insurance is not at a disadvantage as compared to other financial products."
According to Kanjorski, the goals of the office would be to collect and analyze data on insurance, advise the Secretary of the Treasury on policy issues, and to reconcile state insurance laws with federal policy and international trade agreements. The bill would also establish an advisory group culled from stakeholders in the insurance industry including state regulators and consumer groups.
