House Financial Services Subcommittee Approves federal Office of Insurance Information

July 10, 2008

On Wednesday, July 9, 2008, the House Financial Services Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises, chaired by Rep. Paul Kanjorski (D-PA), passed without objection HR 5840, the Insurance Information Act of 2008. The bill would create an Office of Insurance Information within the Treasury Department and directs the Secretary of the Treasury to advise the President on all insurance manners except health insurance. The legislation is seen by some as a step towards an Optional Federal Charter for insurance. The bill can now be taken up by the full Committee or sent directly to the House floor for full consideration.

Copies of the Substitute Amendments adopted is available at the house.gov website.