House Committee OKs New Federal Insurance Office

Law360, New York (December 2, 2009, 4:08 PM EST) -- Legislators have thrown their support behind the creation of a Federal Insurance Office that would have some authority to negotiate international insurance agreements and make recommendations regarding industry regulations.

In an unanimous vote Wednesday, members of the U.S. House of Representatives' Financial Services Committee voted in favor of H.R. 2609, the Federal Insurance Office Act, which would set up the Federal Insurance Office in the U.S. Department of Treasury.

The concept of a Federal Insurance Office was part of President Obama's proposal for regulatory reform in...
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