A US House of Representatives subcommittee has approved legislation to establish an Office of Insurance Information in the US Treasury, as moves toward centralised federal regulation of the industry gather pace.

The office will collect and analyse insurance data and report on insurance issues, create federal policy on international insurance issues and have limited powers to ensure consistency in the formation of state policy.

The subcommittee also cleared the way for the re-establishment of the National Association of Registered Agents and Brokers, which will administer licensing and other insurance qualifications across the country.

In April the US Treasury called for federal regulation of the industry, which is currently overseen by more than 50 state regulators.