Treasury’s June 17, 2009, proposal for financial regulatory reform has received a great deal of attention from the insurance industry - especially the section calling for the creation of an Office of National Insurance. The ONI would monitor all aspects of the insurance business, with a specific focus on the international arena. The proposal lays out six principles that Treasury says should guide efforts to “modernize and improve” the current system of state-based regulation. Treasury spokespeople have indicated that the new office would not likely be very large and lack regulatory authority, except potentially with respect to exercising international responsibilities. More details will emerge as the draft legislation is rolled out over the next several weeks. Regulation of the "business of insurance" is specifically excluded from the Consumer Financial Protection Agency regulatory authority, proposed by the administration.