U.S. House Subcommittee Holds Insurance-Regulatory Reform Hearing

The U.S. House Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises held the third in a series of hearings on insurance regulatory reform on Wednesday, April 16. The hearing examined a variety of proposals to address insurance regulatory reform.

Below is the witness list and prepared testimony from the hearing. Click on the speaker’s name to view his or her testimony:

Panel One

The Honorable David G. Nason, Assistant Secretary for Financial Institutions, Department of the Treasury

Mr. Eric Dinallo, Superintendent, Department of Insurance, State of New York on behalf of the National Association of Insurance Commissioners

Panel Two

Mr. Lawrence H. Mirel, Partner, Wiley Rein LLP on behalf of the Self Insurance Institute of America

Mr. Alastair Shore, Senior Vice President and Chief Underwriter, CUNA Mutual Group on behalf of the American Council of Life Insurance and the American Insurance Association

Mr. Thomas J. Minkler, CIC, President, Clark-Mortenson Agency, Inc. on behalf of the Independent Insurance Agents and Brokers of America

Ms. Frances Arricale, Executive Director, Interstate Insurance Product Regulation Commission

Ms. Donna Pile, CIC, CPIW, CPIA, Managing Partner, A. G. Perry Insurance Agency on behalf of the National Association of Professional Insurance Agents

Available Member Statements: Chairman Kanjorski

 

The hearing generated the following news coverage:

 

Kanjorski Says Bill Is Ready To Create U.S. Insurance Agency

A key lawmaker said at a House hearing on financial reform today that he is ready to introduce legislation creating a federal insurance regulatory agency.

Open Competition Without Price Controls is Key to Improved Insurance Regulation, NAMIC Tells Congress

Simplifying and modernizing the nation’s financial regulatory process within the current regulatory system will lead to better products and costs for insurance consumers, according to the National Association of Mutual Insurance Companies (NAMIC).

 

Insurance Compact Testifies To Start-Up Success

Interstate Insurance Product Regulation Commission (IIPRC) Executive Director Frances Arricale testified today before the U.S. House Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises, highlighting the successful state-based efforts to modernize insurance regulation under the Interstate Insurance Compact.

 

NAIC Testifies To Ongoing, Successful Efforts To Improve Insurance Supervision

On behalf of the National Association of Insurance Commissioners (NAIC), New York State Insurance Superintendent Eric Dinallo testified today before the U.S. House Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises about the states’ ongoing, successful efforts to improve insurance supervision.

Should you have any questions or comments, please do not hesitate to contact this office.

 

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