As previously reported in our prior post, Congress is examining three key pieces of legislation that involve regulation of the insurance industry.
First, the Insurance Information Act of 2008 (H.R. 5840) proposes to create the Office of Insurance Information (“OII”) within the Department of Treasury. The OII would (1) collect, analyze, and disseminate information and issue reports regarding all lines of insurance except health insurance; (2) establish federal policy on international insurance matters and ensure that state insurance laws are consistent with agreements between the United States and a foreign government or regulatory entity; and (3) advise the Secretary of the Treasury on major domestic and international insurance policy issues. H.R. 5840 would preempt any inconsistent state law. Second, the National Association of Registered Agents and Brokers Reform Act (H.R. 5611) is designed to streamline the licensing of non-resident insurance producers. Third, the Increasing Insurance Coverage Options for Consumers Act of 2008 is an amendment to the Liability Risk Retention Act of 1986 (H.R. 5792) that applies the existing exemption from state laws of purchasing groups of liability insurance to purchasing groups of commercial property insurance.
However, with the summer session of the United States House of Representatives just ending, any action on these bills will be delayed until Congress returns from its month-long recess on September 8, 2008.