The Financial Services Roundtable

Main banner Flash

Federal Home Loan Bank Modernization GSE Regulatory Reform Homeownership Preservation HMDA Response RESPA Response Uniform National Financial Standards Other Issues

Community Service Roundtable Financial Scholarship

Membership Meetings Policy Committees Operational Committees Councils Roundtable Calendar Member Publications

Media submenu Flash

PRESS RELEASE

For Immediate Release
Contact: (202) 589-2427

Roundtable Commends Rep. Kanjorski for Bill to Create Federal Office of
Insurance Information

Washington, D.C. – April 18, 2008 – The Financial Services Roundtable
commends Rep. Paul Kanjorski’s for steps taken today to create Federal Office of Insurance Information through the introduction of The Insurance Information Act of 2008 (H.R. 5840), which would create a federal Office of Insurance Information at the Treasury Department.

This office would represent the U.S. internationally on insurance issues and coordinate with state insurance regulators on national concerns. The office is designed to facilitate international negotiations and discussions between the U.S. and our trading partners and put the life and property/casualty insurance industry on par with banks and securities firms during sectoral negotiations. Kanjorski’s bill would also allow the federal government to provide technical assistance and regulatory cooperation at the international level.

“This bill is a critical first step in modernizing insurance regulation in this
country,” said Steve Bartlett, President and CEO of The Financial Services
Roundtable. “We have made formal recommendations to policy makers that are consistent with this legislation and agree that heading this office with a senior administration official and vesting that official with tangible authority is a necessary step in creating world-class federal regulator. This is one step closer our goal of Optional Federal Charter.”

In November 2007, the Roundtable released the Blueprint for U.S. Financial Competitiveness calling for an Optional Federal Charter, which is in line with the Bloomberg-Schumer and Treasury blueprint reports. An Optional Federal Charter is necessary to serve all insurance consumers better in the future. It is especially important for those companies with national and global strategies.

# # #

The Financial Services Roundtable represents 100 of the largest integrated financial services companies providing banking, insurance, and investment products and services to the American consumer. Member companies participate through the Chief Executive Officer and other senior executives nominated by the CEO.

Roundtable member companies provide fuel for America's economic engine, accounting directly for $66.1 trillion in managed assets, $1.1 trillion in revenue, and 2.5 million jobs.