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Kanjorski Says Some Insurance Lines Could See Federal Regulation

Posted on 26 Oct 2009

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According to the chairman of the House Financial Services Committee's Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises, several lines of insurance could be nationally regulated.

Those lines would include reinsurance, bond insurance and mortgage insurance, said Rep. Paul Kanjorski (D-PA), during a telephone press conference Friday afternoon. He said he believed his panel would hold hearings next year to discuss whether some types of insurance should be federally regulated.

Rep. Kanjorski has drafted a bill—the Federal Insurance Office Act of 2009—that would create a new federal insurance office within the Treasury Department. In some instances, the office would have the power to pre-empt state insurance regulators. The measure could be voted on by the Financial Services Committee as early as next week.