House Committee Debates Insurance Regulation

In a Tuesday hearing, the U.S. House of Representatives Committee on Financial Services, Subcommittee on Housing and Insurance debated the role of the federal government in the regulation of insurance.

The hearing primarily focused on international insurance issues, but also touched on topics related to the Federal Insurance Office (FIO). The Big “I” supports more transparency in international insurance negotiations, and eliminating or significantly restricting the FIO.

The hearing specifically addressed the merits of two insurance regulatory bills: H.R. 3861, the “Federal Insurance Office Reform Act” by Reps. Sean Duffy (R-Wisconsin) and Denny Heck (D-Washington), which aims to restrict the authority of the FIO; and H.R. 3762, the “International Insurance Standards Act,” which would require federal officials to oppose international standards and actions that are inconsistent with state insurance law.

The Big “I” supports both measures and submitted a written statement for the hearing noting the association’s support, among other issues.

For decades, the Big “I” has been a leading supporter of a modernized state regulatory system. The association strongly opposes any form of federal regulation of insurance, whether optional, mandatory or dual. Stay tuned to News & Views for updates on insurance regulatory discussions on Capitol Hill.

Jennifer Webb is Big “I” federal government affairs counsel.