The U.S. House of Representatives Financial Services Committee is currently reviewing H.R. 5840, the Insurance Information Act of 2008, which would establish a federal Office of Insurance Information within the Department of the Treasury. The bill was introduced in April by Rep. Paul E. Kanjorski (D – Pa.).
The Office of Insurance Information (OII) would provide expertise on insurance policy to the administration and to Congress. Within the OII, the legislation proposes an advisory group of up to 13 members including representatives of the administration, the National Association of Insurance Commissioners and other representatives of the insurance industry that the secretary of the treasury deems appropriate.
The bill was first reviewed in the subcommittee on Capital Markets, Insurance and Government-Sponsored Enterprises, and was voted to the House Financial Services Committee, where it now sits, in July. Click HERE to read a previous story on the bill.
