On September 17, House of Representatives Speaker Nancy Pelosi (D-Ca.) removed H.R. 5840 from the legislative calendar. As previously discussed here, the legislation would establish a federal Office of Insurance Information. Given the fact that Congress is adjourning at the end of September, it is unlikely that H.R. 5840 will be passed this Congressional session. Pelosi pulled the bill from the calendar after a fellow Californian lawmaker raised concerns about how the legislation would affect California insurance rate regulation. Interestingly, on the same day H.R. 5840 was pulled from consideration, the American Council of Life Insurers suggested in a letter to Treasury Secretary Henry Paulson that the Bush Administration unilaterally establish an Office of Insurance Information based on its executive authority. The Treasury Department has yet to issue a response to the letter.
In other news, the House of Representatives passed H.R. 5611, legislation that would create the National Association of Registered Agents and Brokers ("NARAB") and provide for nonresident insurance producer licensing. We previously reported on H.R. 5611 here. The bill will now go before the Senate Banking Committee for consideration. Once again, given the fact that Congress intends to adjourn at the end of September, it is questionable whether H.R. 5611 will be passed into law this legislative session.