Regulatory Modernization
Optional Federal Charter
Follow the links below to locate testimony, legislation, section-by-section comparisons of various OFC bills and the supporting documents ABIA uses to advocate in favor of optional federal regulation of the insurance industry.
Statements, Studies and Other Supporting Documents:
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Report by the Congressional Research Service, "Insurance Regulation: Optional Federal Charter Legislation" (12-14-07)
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HR 3200 "The National Insurance Act of 2007": Introduced by Representatives Bean and Royce as companion legislation to S. 40. Read the fact sheet, Q&A, and list of Consumer protections provided in the bill. (7-25-07)
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S. 40 "The National Insurance Act of 2007": Introduced by Senators Sununu and Johnson in May of 2007, this proposal is substantially similar to S. 2509. (5-24-07)
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Letters to Chairman Dodd, Ranking Member Shelby of the Senate Banking Committee and to Chairman Kanjorski, Ranking Member Pryce of the House Financial Services Capital Markets Subcommittee
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Testimony:
State Initiatives - NCOIL, NCSL
ABIA participates in two forums attended by state legislators, the National Conference of Insurance Legislators (NCOIL) and the National Conference of State Legislatures (NCSL). Below are documents pertaining to their deliberations. Be sure to also check our section on NAIC activities since many of the topical debates - on producer licensing and disclosure, for example - will have multiple stakeholders.
Model Acts and Documents:
The Smart Act - Oxley/Baker Draft Legislation
Below is a discussion draft of the proposed legislation implementing the Roadmap to Insurance Regulatory Reform authored by House Financial Services Committee Chairman Mike Oxley (R-OH) and Capital Markets Subcommittee Chairman Richard Baker (R-LA). It is in its original form and is expected to change.
Gramm-Leach-Bliley Act Implementation
ABIA worked closely with the federal banking agencies to secure appropriate regulations implementing the insurance provisions of GLBA. Follow the links below to read all the relevant documents in this process.
GLBA Section 305 Regulations:
Compliance Issues:
Questions? Please contact Deanne Marino for more information.
