House Financial Services Subcommittee Advances Federal Insurance Regulatory Bills

On July 9, 2008, the House Financial Services Subcommittee on Capital Markets and Insurance, chaired by Rep. Paul Kanjorski (D-PA), approved three insurance regulatory measures: (1) H.R. 5840, establishing the Office of Insurance Information within the Department of the Treasury; (2) H.R. 5792, amending the Liability Risk Retention Act of 1986 to include commercial property insurance; and (3) H.R. 5611, re-establishing the National Association of Registered Agents and Brokers (NARAB).

The bills could be taken up by the full Committee or sent directly to the House floor for a vote, but objections by some Democratic members to state pre-emption have forced sponsors to delay any votes until September. There is a possibility that at least H.R. 5840 may make it through the House this session, although there is little time left in this election year, and Congress may have used up its financial services energy on the mortgage, housing and GSE meltdowns.

The reported version of each bill is available from the House Financial Services Committee: http://www.house.gov/apps/list/speech/financialsvcs_dem/mu070908.shtml