Office of National Insurance: Hearing

Creating an Office of National Insurance will be one of the topics addressed at a Congressional hearing focused on capital markets regulatory reform that is scheduled for next Tuesday October 6 before the House Committee on Financial Services. Other topics to be discussed at the hearing are strengthening investor protection and enhancing oversight of private pools of capital. Earlier this June the Obama administration called for establishing an Office of National Insurance (ONI) within the Treasury department as part of its plan to overhaul financial regulation. The ONI would monitor the industry and advise on policy issues. Draft legislation that would establish a federal insurance office was introduced yesterday by Rep. Paul Kanjorski, D-PA. The draft bill follows earlier legislation introduced by Kanjorski  in May  as well as the introduction  last April of the National Insurance Consumer Protection Act (H.R. 1880) by Rep. Melissa Bean, D-IL and Rep. Ed Royce, R-CA — both bills that would establish an ONI. Check out I.I.I. information on regulatory modernization and optional federal charter.

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