US bill proposes federal insurance overseer
New US legislation proposes to create a federal Office of Insurance Information inside the Department of Treasury.
Paul Kanjorski, Chairman of the House Financial Services Subcommittee on Capital Markets and Insurance, introduced the bill, called the Insurance Information Act, last week.
He says he has become interested in creating an office since the September 11 terrorist attacks, which he says revealed a lack of federal expertise on insurance policy.
His views were reinforced after Hurricane Katrina and by ongoing problems in the bond insurance marketplace.
The proposed office would collect and analyse data on insurance, advise the Treasury Secretary on policy issues, establish US policy on international insurance matters and ensure laws remain consistent regarding international trade agreements.
Paul Kanjorski, Chairman of the House Financial Services Subcommittee on Capital Markets and Insurance, introduced the bill, called the Insurance Information Act, last week.
He says he has become interested in creating an office since the September 11 terrorist attacks, which he says revealed a lack of federal expertise on insurance policy.
His views were reinforced after Hurricane Katrina and by ongoing problems in the bond insurance marketplace.
The proposed office would collect and analyse data on insurance, advise the Treasury Secretary on policy issues, establish US policy on international insurance matters and ensure laws remain consistent regarding international trade agreements.