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House Subcommittee Zeros in on Insurance

The House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises is exploring a possible federal role in insurance regulation. “It is now clear that we must restructure the federal government’s role with regard to insurance oversight,” said Chairman Paul Kanjorski (D--PA). “At the very least, the federal government must have in-house expertise on this significant sector of the financial services industry and have an ability to watch over insurers as part of broad systemic risk and consumer protection authorities,” he declared.

“The bond insurance crisis, the near-collapse of American International Group, numerous insurers requesting TARP funding, and the need for mortgage insurers to obtain more capital to underwrite new business have all shown that insurance is both an important part of the national economy and certain lines may require more comprehensive and consolidated oversight,” Kanjorski stated. His subcommittee is set to examine the prospective role of the federal government in overseeing insurers, insurance holding companies, and reinsurers.