Number: RL32789
Title: Insurance Regulation: Issues, Background, and Current Legislation
Authors: Baird Webel, Government and Finance Division 
Abstract: Some in Congress and the executive branch have not been content with the changes being undertaken by the states, and several proposals have been put forth over the past few years for increased federal involvement in insurance regulation. In the 110th Congress, S. 40 and H.R. 3200 would create an optional federal charter (OFC) for insurers modeled roughly after the dual regulatory system for banks. This call for an OFC was echoed by Secretary of the Treasury Paulson in a recently released blueprint for regulatory modernization. Several narrower bills addressing insurance regulation and regulatory requirements have been introduced in the 110th Congress. These include H.R. 1065 and S. 929, S. 618 and H.R. 1081, H.R. 1746, S. 1061, S. 1865, H.R. 4041, H.R. 5611, H.R. 5633, H.R. 5792, H.R. 5840, H.R. 6063, and H.R. 6213. The House passed H.R. 1065 on June 25, 2007, but the other bills have yet to be considered on the floor of either House in this Congress.
Pages: 15
Date: July 3, 2008