House Committee on Financial Services Holds Insurance Hearing
The House Committee on Financial Services recently held a hearing titled, “U.S. Insurance Sector: International Competitiveness and Jobs.” Witnesses included The Honorable Michael McRaith, director of the newly created Federal Insurance Office (FIO), and The Honorable Kevin McCarty, insurance commissioner for the Florida Office of Insurance Regulation, speaking on behalf of the National Association of Insurance
Creation of Federal Insurance Office Off Docket in 112th Congress
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. According to Biggert, the subcommittee’s agenda is focused on reauthorizing and reforming the National Flood
ASA Opposes Efforts to Eliminate FIO’s Federal Regulation Study
The Dodd-Frank Wall Street Reform and Consumer Protection Act, H.R. 4173, was signed into law in July 2010. One insurance provision included in the new law was a requirement for an insurance modernization report to the U.S. Congress, which was supported by the Automotive Service Association (ASA). The director of the Office of National Insurance