FOR IMMEDIATE RELEASE

STATE INSURANCE REGULATORS SUPPORT
OFFICE OF INSURANCE INFORMATION
Legislation Reflects 'Good Faith Effort to Reach Consensus'

KANSAS CITY, Mo. (Sept. 12, 2008) — The National Association of Insurance Commissioners (NAIC) sent a letter to Rep. Paul Kanjorski (D-Pa.), chair of the U.S. House Financial Services Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises, supporting H.R. 5840, The Insurance Information Act of 2008.

“A number of important changes to the legislation have been made at our request, and we appreciate the efforts made by Rep. Kanjorski and the cosponsors of the bill throughout the legislative process,” said NAIC President and Kansas Insurance Commissioner Sandy Praeger. “Now that significant improvements and safeguards have been put in place — and with the caveat that they remain in place — we can support the bill moving forward.”

H.R. 5840 would establish an Office of Insurance Information within the U.S. Department of the Treasury. The bill enhances the ability of the states to send and receive confidential data with the federal government. It also ensures that the states will be able to protect prudential regulations in international insurance agreements.

Most notably, H.R. 5840 specifies that it is does not establish supervisory or regulatory authority by the Office or the Treasury over the business of insurance.

“We continue to believe that the federal government should not be in the business of regulating insurance, and we will continue to unequivocally reject any effort to use this or other legislation as a justification for further federal involvement,” Praeger said. “Our willingness to work constructively on the targeted issues addressed by this legislation should not be construed as implicit acceptance of federal intervention.”

Click HERE to view the full text of the letter.

About the NAIC

Formed in 1871, the National Association of Insurance Commissioners (NAIC) is a voluntary organization of the chief insurance regulatory officials of the 50 states, the District of Columbia and five U.S. territories. The NAIC has three offices: Executive Office, Washington, D.C.; Central Office, Kansas City, Mo.; and Securities Valuation Office, New York City.

The NAIC serves the needs of consumers and the industry, with an overriding objective of supporting state insurance regulators as they protect consumers and maintain the financial stability of the insurance marketplace. For more information, visit www.naic.org.

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