Creation of Federal Insurance Office Off Docket in 112th Congress - BodyShop Business
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Creation of Federal Insurance Office Off Docket in 112th Congress

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A.M. Best Company, Inc., reported that optional federal
charter legislation will not come to a vote in the current Congress, according
to Rep. Judy Biggert, R-Ill., chairwoman of the U.S. House Financial Services
Subcommittee on Insurance, Housing and Community Opportunity.

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According to Biggert, the subcommittee’s agenda is
focused on reauthorizing and reforming the National Flood Insurance Program and
Dodd-Frank oversight.

Rep. Ed Royce, R-Calif., a sponsor of the National Insurance Consumer Protection
Act in the last Congress, still plans to introduce a
bill at some point, spokeswoman Audra McGeorge said.

Allstate, which has long supported OFC movements, is
holding out hope for consideration of a bill in 2012. A report due early that
year on the efficacy of state insurance regulation, to be created by the
Dodd-Frank-created Federal Insurance Office, could be the impetus, said William
Vainisi, Allstate’s vice president and deputy general counsel.

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Collision repairers have mixed feelings on the prospect
of insurance being federally regulated. Some like the idea as it would open the
business of insurance to a "fresh pair of eyes" and closer scrutiny.
Those against it cite the enormous resources it would take to lobby at the
federal level. 


More information:

Collision Repairers Favor State Regulation of Insurance, Says SCRS Legislative Committee Chair

Federal Regulation of Insurance: Good or Bad for Repairers?

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