H.R. 5840, the Insurance Information Act of 2008

Tuesday, June 10, 2008, 10:00 a.m., 2128 Rayburn House Office Building 
Capital Markets

 Capital Markets Subcommittee Examines Legislation to Create a Federal Insurance Adviser

            Washington, DC – Congressman Paul E. Kanjorski (D-PA), Chairman of the Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises, announced that the Subcommittee will hold a hearing on H.R. 5840, the Insurance Information Act of 2008, on Tuesday, June 10, 2008 at 10 a.m.  The Subcommittee will hear from a variety of parties involved in the insurance industry as they discuss their thoughts on the legislation.  H.R. 5840 would create a federal Office of Insurance Information within the Department of the Treasury to provide advice and expertise on insurance policy to the Administration and to Congress.  Chairman Kanjorski and four other Members of the House Financial Services Committee introduced H.R. 5840 on April 17, 2008.  

“The creation of an Office of Insurance Information would provide an effective way to help Congress and the federal government make more informed decisions regarding national and international insurance policy,” said Congressman Kanjorski.  “Congress continues to vote regularly on insurance matters.  In order to create the most effective and sensible legislation, we, as lawmakers, must educate ourselves on insurance policy and build a knowledge base in the federal government on these issues.  An Office of Insurance Information would help initiate such sought after results.”

Witness List & Prepared Testimony:

Panel One

• Mr. Jeremiah O. Norton, Deputy Assistant Secretary, U.S. Department of the Treasury
• The Honorable Michael T. McRaith, Illinois Division of Insurance on behalf of the National Association of Insurance Commissioners
• The Honorable Brian P. Kennedy, Rhode Island House of Representatives; President, National Conference of Insurance Legislators 

Panel Two

• Mr. Neal S. Wolin, President and Chief Operating Officer, Property and Casualty Operations, The Hartford Financial Services Group on behalf of the American Insurance Association
• Mr. Stephen E. Rahn, Vice President and Associate General Counsel, Lincoln Financial Group on behalf of the American Council of Life Insurers
• Ms. Tracey Laws, Senior Vice President and General Counsel, Reinsurance Association of America
• Dr. David A. Sampson, President and Chief Executive Officer, Property Casualty Insurers Association of America

Available Member Statements: Congresswoman Brown-Waite, Chairman Kanjorski, Congressman Hinojosa, Congressman Carson

Printed Hearing:
The printed version of this hearing will be posted as soon as it is available.

Related Documents: National Association of Insurance Commissioners (NAIC)