HOUSE OF REPRESENTATIVES

H.R. NO.

35

TWENTY-FIFTH LEGISLATURE, 2010

 

STATE OF HAWAII

 

 

 

 

 

HOUSE RESOLUTION

 

 

urging the united states congress to oppose proposals to create a federal insurance office.

 

 

 


     WHEREAS, the National Conference of Insurance Legislators is an organization of state legislators that has an interest in insurance legislation and regulation; and

 

     WHEREAS, legislation introduced in 2008 by Congressman Paul Kanjorski would create a federal Office of Insurance Information at the United States Department of the Treasury; and

 

     WHEREAS, in response to this legislation, the National Conference of Insurance Legislators has gone on record to oppose the creation of a federal insurance office; and

 

     WHEREAS, one of the main reasons that the National Conference of Insurance Legislators opposes a federal insurance office is because the entity is one that may be authorized to preempt state insurance laws and regulations; and

 

     WHEREAS, on May 21, 2009, Congressman Kanjorski introduced House Resolution 2609, referred to as the Insurance Information Act of 2009, to authorize the Office of Insurance Information to gather and analyze insurance data, coordinate federal efforts, and establish federal policy on international insurance matters, and preempt inconsistent state insurance measures; and

 

     WHEREAS, on June 16, 2009, President Barack Obama unveiled his administration's financial services regulatory reform plan, which called for the establishment of an Office of National Insurance at the Treasury Department to identify gaps in regulation that could contribute to a systemic crisis, steer insurers to the Federal Reserve to be regulated as new tier 1one financial holding companies, and assist in administering the Terrorism Risk Insurance Program; and

 

     WHEREAS, on October 1, 2009, Congressman Kanjorski substituted his proposed legislation, House Resolution 2609, renaming it the Federal Insurance Office Act of 2009, with nearly all of the Obama administration's proposals; and

 

     WHEREAS, the latest version of House Resolution 2609 would create a more powerful Federal Insurance Office by granting the office the authority to steer insurers to the Federal Reserve for heightened regulation as well as giving the office open-ended responsibilities; and

 

     WHEREAS, on November 10, 2009, Senator Chris Dodd released a discussion draft of the Restoring American Financial Stability Act of 2009, which resembles House Resolution 2609; and

 

     WHEREAS, the National Conference of Insurance Legislators continues to strongly oppose House Resolution 2609 and the Restoring American Financial Stability Act of 2009 because both measures would create a federal insurance office; now, therefore,

 

     BE IT RESOLVED by the House of Representatives of the Twenty-fifth Legislature of the State of Hawaii, Regular Session of 2010, that this body urges the United States Congress to oppose any measure that creates a federal insurance office, including House Resolution 2609, the Federal Insurance Office Act of 2009, and the Restoring American Financial Stability Act of 2009; and

 

     BE IT FURTHER RESOLVED that certified copies of this Resolution be transmitted to members of Hawaii's congressional delegation and to the Secretary of the United States Treasury Department.

 

 

 

 

OFFERED BY:

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Report Title: 

Federal Insurance Office; Congress to Oppose Proposals