ACLI Chair: Can Rep.Kanjorksi’s Bill On Fed. Ins. Office Gain Approval?

By Patrick Cooper Posted in Life Insurance News

Congressman Paul Kanjorski’s Initiative

Congressman Paul Kanjorksi from Pennsylvania’s 11th District and Chairman of the House Financial Services Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises has previously met with U.S. Treasury Secretary Tim Geithner to talk about the reformation of the structure of the financial services industry.

Such reformations included the credit rating agencies, the protection of investors, private funds and private equity, which, by the way, are unregulated. They also met about the creation of a Federal Insurance Office. This will entail the “establishment of a federal insurance regulator.”

According to published reports, the intent of the Kanjorski’s bill is to create the national office and it is backed by the current Administration. Kanjorski stated that the proposed Office of National Insurance (ONI) should “connect state regulators rather than displace or diminish the work done.”

Specifics To The Initiative

The Federal Insurance Office Act calls for the creation of the Office of National Insurance to be within the United States Treasury Department. This will provide national policymakers with total access to certain information and the resources that are needed to respond to crises, risks, and to help ensure a better functioning of the US financial system according to Kanjorski.

The report states that the office would be “beneficial to Congress as it considers issues that are important to the business of insurance.”

Also reported is the American Council of Life Insurance (ACLI) support of the Congressman’s initiative. In a news release published on ACLI’s Web site, the council “supports draft legislation to establish an insurance office within the Treasury Department.”

However, there is a difference in the bill previously submitted by Kanjorski. The original phrasing called for a report to the Congress every two years where the revised version calls for a document to be submitted on a yearly basis to begin September 30, 2011 on the actions taken by the new office.

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