Senate Panel To Commence Insurance Regulation Hearings

Jul 23, 2008

National Underwriter–July 23, 2008


WASHINGTON —The Senate Banking Committee will hold a long-awaited hearing on insurance regulatory issues next Tuesday, and so far full details of the proceedings remain under wraps.

Industry lobbyists said the scope of the proceedings and a full witness list has not as yet been disclosed by committee staff.

According to one industry lobbyist, who declined to be identified, the hearing will not focus on any pending legislation but will discuss the problems that have been identified with the current regulatory structure and what role the federal government should play in future insurance regulation.

But, he said, among those invited to testify were a representative of the National Association of Insurance Commissioners and the Consumer Federation of America.

“It was widely known that the committee wanted to hold a hearing on insurance regulatory issues in July; the question was when,” the lobbyist said.

“That was because the problems with banks, investment banks, and savings and loans and the Federal Home Loan Mortgage Corp. and the Federal National Mortgage Association were taking up so much of the committee’s time,” he explained.

“Clearly, with work on the legislation completed and passage nearing, they apparently felt they had the time to delve into insurance issues before leaving for the August recess,” he commented.