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Member, Beacon International Group, Ltd.
WASHINGTON—The chairman of a key House subcommittee has released draft legislation that would establish a new Federal Insurance Office within the Treasury Department.
Rep. Paul Kanjorski, D-Pa., who chairs the House Financial Services Committee’s Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises, unveiled the Federal Insurance Office Act of 2009 on Thursday.
According to the draft language, the Federal Insurance Office would have the authority to monitor all aspects of the insurance industry and assist the Treasury secretary in administering the federal terrorism insurance program.
In addition, the new office would coordinate federal efforts and establish federal policy “on prudential aspects of international insurance matters” and determine whether the International Insurance Agreements on Prudential Matters pre-empt some state insurance measures.
The document resembles earlier bills introduced by Rep. Kanjorski to set up a Federal Insurance Office within Treasury. The full committee is slated to hold a hearing Oct. 6 on the draft legislation and other regulatory reform draft bills.