DATE: JUNE 6, 2008 - NCOIL



DATE:               JUNE 6, 2008

TO:                   NCOIL LEGISLATORS

FROM:             MIKE HUMPHREYS

                        NCOIL DIRECTOR OF STATE-FEDERAL RELATIONS

RE:                   NCOIL PRESIDENT TO TESTIFY BEFORE U.S. HOUSE SUBCOMMITTEE

[pic]

Attached are:

• a June 4, NCOIL legislative alert regarding the amended draft of H.R. 5840 (5929)

• a document that served as a template for Rep. Kennedy’s written statement at the June 10, Subcommittee hearing (Confidential)

NCOIL President Rep. Brian Kennedy (RI) will testify before the U.S. House Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises of the Financial Services Committee at 10:00 a.m. on Tuesday, June 10 on H.R. 5840, the Insurance Information Act of 2008—legislation that would create a federal Office of Insurance Information.  The hearing may be viewed in real-time at:

Announcing the hearing, entitled H.R. 5840, the Insurance Information Act of 2008, Subcommittee Chairman Congressman Paul Kanjorski (D-PA) said:

The creation of an Office of Insurance Information would provide an effective way to help Congress and the federal government make more informed decisions regarding national and international insurance policy… Congress continues to vote regularly on insurance matters.  In order to create the most effective and sensible legislation, we, as lawmakers, must educate ourselves on insurance policy and build a knowledge base in the federal government on these issues.  An Office of Insurance Information would help initiate such sought after results.

Joining Rep. Kennedy on the first, public-sector panel will be Illinois Insurance Director Michael McRaith, and a representative of the U.S. Department of the Treasury.

Rep. Kennedy’s testimony will address concerns with a discussion draft of H.R. 5840 relating to a lack of legislative presence; the role of the National Association of Insurance Commissioners (NAIC); the scope of an OII; the fact that an OII would create the foundation for an Office of National Insurance (ONI) and an optional federal charter (OFC); and the need for recognition of state-based regulatory successes, including the Interstate Insurance Product Regulation Compact.

The second, private-sector panel of witnesses is rumored to include representatives of the American Insurance Association (AIA), the American Council of Life Insurers (ACLI), the Property Casualty Insurers Association of America (PCI), and the Reinsurance Association of America (RAA).  

Please feel free to contact me at 202-220-3014 or at mhumphreys@ should you have any questions.

................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download