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The Insurance Information Act of 2008, HR 5840, was recommended for
passage by a U.S. House of Representatives subcommittee on Wednesday.
The bill, introduced in April, would create a federal-level Office of
Insurance Information within the Department of the Treasury that would
provide legislators with expertise and guidance on insurance issues and
recommend how the government should respond to insurance issues.
The bill’s progress incited happiness in some and concern in others within the insurance industry.
“The Office of Insurance Information could be a tremendously valuable
tool for enabling the U.S. to speak with one voice on important
insurance matters and for establishing U.S. leadership globally on
developing international standards for insurance regulation,“ said Gov.
Marc Racicot, president of the American Insurance Association (AIA).
However, Property Casualty Insurers Association of America’s president
and CEO, David A. Sampson, said the bill needs to be considered
"It is important to ensure that insurance regulatory reform legislation
will produce efficiencies and meaningful results without creating
additional onerous, costly bureaucracy," said Sampson said.