Sen. Mike Crapo, R-Idaho, will replace Sen. Richard Shelby, R-Ala., as ranking minority member of the Senate Banking Committee—a key Senate oversight panel for the insurance industry.
The committee is expected to address insurance issues ranging from capital standards, designation of insurers as systemically significant, regulation of insurers that own thrifts, and proposed upgraded standards governing the sale of investment products.
The Senate Banking Committee will also be dealing with the proposed renewal of the Terrorism Risk Insurance Act, which expires Dec. 31, 2014.
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