WASHINGTON–In what is expected to be a marathon session, 10 insurance trade groups will have representatives testifying before the Senate Banking Committee on insurance regulation reform next Tuesday.
The discussion is expected to center around three specific legislative proposals. One is a bill introduced in the Senate by Sens. John Sununu, R-N.H., and Tim Johnson, D-S.D., that would establish an optional federal charter for insurers–the National Insurance Act of 2006, S. 2509.
Another focus for testimony is a bill recently introduced in the House that would establish the home state regulator as the dominant regulator for the surplus lines and reinsurance markets–the Nonadmitted and Reinsurance Reform Act of 2006, H.R. 5637.
A third bill up for discussion is the State Modernization and Regulatory Transparency Act (SMART), umbrella legislation being drafted in the House Financial Services Committee that would establish federal standards for state insurance regulation. The House surplus lines bill is an offshoot of the SMART bill, part of a new initiative designed to break the SMART bill into its constituent parts.
Also scheduled to be one of those testifying is Alessandro Iuppa, president of the National Association of Insurance Commissioners and Maine insurance superintendent, according to unofficial lists compiled by insurance lobbyists.
Representing the Consumer Federation of America will be Travis Plunkett, its legislative director, according to the list.
Testifying on behalf of the property-casualty industry will be representatives of the American Insurance Association, the National Association of Mutual Insurance Companies, the Property Casualty Insurers Association of America, the Independent Insurance Agents and Brokers of America, and the Council of Insurance Agents and Brokers.
The life insurance industry will be represented by the American Council of Life Insurers, the National Association of Insurance and Financial Advisers, and the American Bankers Insurance Association.
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