The Need for Insurance Regulatory Reform

Wednesday, October 3, 2007, 2:00 p.m., 2128 Rayburn House Office Building
Capital Markets

 
Washington, DC—Congressman Paul E. Kanjorski, Chairman of the Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises, today announced that the subcommittee will hold a hearing on the need for insurance regulatory reform on Wednesday, October 3, 2007 at 2:00 p.m.  This hearing will be the first in a series regarding insurance regulatory reform issues.

“The insurance regulatory structure has remained relatively constant throughout our Nation’s history, but nearly all interested parties now agree that some sort of regulatory reform is appropriate given global competitiveness, market pressures, and consumer demands.  This hearing will explore why there is a need for insurance regulatory reform,” said Chairman Kanjorski.  “Insurance plays an integral role in the lives of American families and American businesses every day, protecting buildings, assets, loved ones, livelihoods, and communities.  As we examine the necessity for updating and modifying our Nation’s insurance system, we therefore must take into consideration the needs of and protections for all consumers.”

Witness List & Prepared Testimony:

• The Honorable Walter Bell, Commissioner, Alabama Department of Insurance, President of the National Association of Insurance Commissioners
• Mr. John Bykowski, President and Chief Executive Officer, SECURA Insurance
• Mr. Christopher M. Condron, Chairman of the Board and Chief Executive Officer, AXA Equitable Life Insurance Company
• Mr. Albert R. Counselman, President and Chief Executive Officer, RCM&D Inc.
• Mr. William H. McCartney, Senior Vice President, Insurance Regulatory Policy, United Services Automobile Association (USAA)
• Mr. Alex Soto, CPCU, ARM, President, InSource Inc.
  

Available Member Statements: Chairman Kanjorski

Printed Hearing: 110-66

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