The Federal Insurance Office, according to the draft language, would have the authority to monitor all aspects of the insurance industry and assist the Treasury secretary in administering the federal terrorism insurance program.
In addition, the new office would coordinate federal efforts and establish federal policy “on prudential aspects of international insurance matters” and determine whether the International Insurance Agreements on Prudential Matters pre-empt some state insurance measures.
The document resembles earlier bills introduced by Rep. Kanjorski to set up a Federal Insurance Office within Treasury. The full committee is slated to hold a hearing Oct. 6 on the draft legislation and other regulatory reform draft bills.