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NAIC Now Backs OII

September 12, 2008

Kansas City, Mo. — The National Association of Insurance Commissioners (NAIC) sent a letter to Rep. Paul Kanjorski (D-Pa.), chair of the U.S. House Financial Services Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises, supporting H.R. 5840, The Insurance Information Act of 2008.

H.R. 5840 would establish an Office of Insurance Information within the U.S. Department of the Treasury. The bill enhances the ability of the states to send and receive confidential data with the federal government. It also ensures that the states will be able to protect prudential regulations in international insurance agreements. Most notably, H.R. 5840 specifies that it is does not establish supervisory or regulatory authority by the Office or the Treasury over the business of insurance.

“A number of important changes to the legislation have been made at our request, and we appreciate the efforts made by Rep. Kanjorski and the co-sponsors of the bill throughout the legislative process,” says NAIC President and Kansas Insurance Commissioner Sandy Praeger. “Now that significant improvements and safeguards have been put in place—and with the caveat that they remain in place—we can support the bill moving forward.”

Praeger stresses that NAIC’s support for H.R. 5840 in no way indicates a change in the association’s longstanding opposition to an optional federal charter for insurers.

“We continue to believe that the federal government should not be in the business of regulating insurance, and we will continue to unequivocally reject any effort to use this or other legislation as a justification for further federal involvement,” Praeger says. “Our willingness to work constructively on the targeted issues addressed by this legislation should not be construed as implicit acceptance of federal intervention.”

Source: National Association of Insurance Commissioners

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