On July 29, 2008, the Senate Banking Committee held a hearing examining the current regulatory and oversight structure of insurance. The Committee heard from witnesses with varying opinions on issues including an optional federal charter, surplus lines and reinsurance legislation, producer licensing legislation and the office of insurance information.

Peppering the witnesses with questions, Chairman Chris Dodd evidenced his interest in gathering information about whether lines of insurance should be treated differently, whether the Committee should consider "a comprehensive, blueprint-like reform" or targeted reforms for specific lines of insurance, and whether an OFC would protect consumers while making the market more efficient and competitive. Recognizing that time is of the essence, the Chairman said he aims to pass "targeted legislation that has wide support" – a seeming reference to the Nonadmitted and Reinsurance Reform Act, S.929 – before the 110th Congress winds down.

The witness statements are available on the Senate Banking Committee's Web site at: http://banking.senate.gov/public.