You are here:HomeIssuesProtecting State Insurance Regulation 2009Kanjorski Reintroduces Office of Insurance Information Bill

Kanjorski Reintroduces Office of Insurance Information Bill

Rep. Paul Kanjorski (D-Pa.) reintroduced legislation to create a federal Office of Insurance Information (OII). Kanjorski says the Insurance Information Act of 2009 (H.R. 2609)...
May 27, 2009

Rep. Paul Kanjorski (D-Pa.) reintroduced legislation to create a federal Office of Insurance Information (OII). Kanjorski says the Insurance Information Act of 2009 (H.R. 2609) would to provide advice and expertise to the administration and Congress and track industry developments. The OII also would have limited authority to establish federal policy on international insurance issues and ensure that state insurance laws are consistent with federal policy in regard to international trade agreements. The OII would be based in the Department of the Treasury.

What It Means to Agents:  This bill was introduced last week, and PIA National is still reviewing it. PIA opposed the previous bill last year because its actual language set up a federal structure that would interfere with and could preempt state insurance law, as well as the entire state oversight system. In a victory for PIA and state insurance regulation, the Insurance Information Act of 2008 was removed from floor consideration in the House of Representatives on September 17, 2008 when Rep. Jackie Speier (D-Calif.) objected to it. At the time, Rep. Speier said the bill was nothing more than a "fig leaf" for an effort to establish a national insurance regulatory system. PIA will comment on this new OII bill shortly, after we conclude our review of it.