House Committee Considers Legislation

Markup of three insurance bills, including H.R. 5840 the Insurance Information Act of 2008, will begin later today at a meeting of the Capital Markets Subcommittee of the House Financial Services Committee. H.R. 5840 would establish a federal Office of Insurance Information within the Treasury department. Creation of this office was part of the financial services regulatory reform package unveiled by the Treasury in April (see our March 31 posting). The two other pieces of insurance legislation up for consideration are: H.R. 5792, Increasing Insurance Coverage Options for Consumers Act of 2008 and H.R. 5611, National Association of Registered Agents and Brokers Reform Act of 2008. H.R. 5792 would amend the Liability Risk Retention Act of 1986 to allow risk retention groups to provide property insurance in addition to current liability coverage to their members. Check out further I.I.I. content on regulation modernization,  the optional federal charter (OFC), risk  retention groups and other  alternative risk financing options.  

One thought on “House Committee Considers Legislation”

  1. It has become increasingly clear the New York Insurance Superintendent Eric Dinallo has begun to get traction for the idea of reviving the New York Insurance Exchange (NYIE).

    The last I article I read (by Lilla Zuill) indicated the he is “forming a working group to set out exactly how the exchange could operate, has already tapped the views of a wide range of industry participants including both U.S. and foreign insurers, some of the major insurance brokerages and possible investors”; and the projected approximate time horizon for the NYIE to start operations is 18 months (i.e. 4Q 2009).

    I believe that reviving of the NYIE and the passage of federal regulation of the insurance industry in the US will be closely linked.

    Also, as a footnote Dinallo announced the expansion of the NY Free Trade Zone to include : E&O policies for health maintenance organizations, independent physicians’ associations, preferred provider organizations, third party administrators and utilization review organizations, as well as professional liability coverage for actuaries.

    We all can expect more to come.

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