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NCOIL Opposes H.R. 2609, Sends Letter in Advance of Markup

The National Conference of Insurance Legislators (NCOIL) has reasserted its strong opposition to a Congressional Federal Insurance Office (FIO) proposal. to House Financial Services Committee...
October 27, 2009

The National Conference of Insurance Legislators (NCOIL) has reasserted its strong opposition to a Congressional Federal Insurance Office (FIO) proposal. to House Financial Services Committee Chairman Barney Frank (D-MA) and Ranking Member Spencer Bachus (R-AL), NCOIL Officers wrote that H.R. 2609, the Federal Insurance Office Act of 2009, moves well beyond previous Committee discussions and towards the establishment of a federal insurance czar at the U.S. Treasury Department - a kind of slippery slope that NCOIL cautioned against throughout 2008.

Along with NCOIL President Sen. James Seward (NY), NCOIL Officers - President-Elect Rep. Robert Damron (KY), Vice President Rep. George Keiser (ND), Secretary Sen. Carroll Leavell (NM), and Treasurer Sen. Vi Simpson (IN) - in the letter wrote, "We continue to disagree with the necessity for such an office and question its accountability and effectiveness.  We believe that state regulation is successfully guiding insurers through the current economic downturn.  Under state regulation, the insurance industry has always been, and continues to be, financially stable and solvent, unlike federally regulated entities."

NCOIL Letter to Reps. Frank & Bachus (10/23/09)