Insurance Regulation: Issues, Background, and Current Legislation (CRS Report for Congress)
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| Release Date |
July 3, 2008 |
| Report Number |
RL32789 |
| Report Type |
Report |
| Authors |
Baird Webel, Government and Finance Division |
| Source Agency |
Congressional Research Service |
Summary:
Some in Congress have not been content with the changes being undertaken bythe states, and several proposals have been put forth over the past few years forincreased federal involvement in insurance regulation. In the 110th Congress, theNational Insurance Act of 2007 (S. 40 and H.R. 3200) would create an optionalfederal charter for insurers modeled roughly after the dual regulatory system forbanks. In addition, several narrower bills addressing insurance regulation andregulatory requirements have been introduced. These include the Nonadmitted andReinsurance Reform Act of 2007 (H.R. 1065 and S. 929), the Insurance IndustryCompetition Act of 2007 (S. 618 and H.R. 1081), the Holocaust InsuranceAccountability Act of 2007 (H.R. 1746), the Homeowners' Insurance NoncoverageDisclosure Act (S. 1061), the Life Insurance Fairness for Travelers Act of 2007 (S.1865), and the Insurance Non-Discrimination for Survivors Act (H.R. 4041). TheHouse passed H.R. 1065 on June 25, 2007, but the other bills have yet to beconsidered on the floor of either House in this Congress.
