Insurance Information Act Moves Forward - BodyShop Business

Insurance Information Act Moves Forward

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 carefully.

"It is important to ensure that insurance regulatory reform legislation will produce efficiencies and meaningful results without creating additional onerous, costly bureaucracy," Sampson said.

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Deadline for Busch Memorial Scholarships Approaching

Two scholarships will be awarded to students pursuing a collision career.

The ASE Education Foundation announced that the deadline to apply for the Michael Busch Memorial Scholarships is March 31. Presented by the foundation, two scholarships will be awarded for the 2024-25 academic year to students pursuing a career in the collision industry.

Qualified applicants should be graduating high school seniors or have graduated from high school or received a GED certificate. In addition, applicants should be enrolled or planning to enroll as a full-time student in a two- or four-year college or university or in an ASE-accredited post-secondary collision repair program.

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