Insurance industry trade groups Tuesday urged Congress to promptly pass legislation designed to partly roll back federal authority to oversee or monitor insurance companies enacted as part of the Dodd-Frank financial reform act.
The hearing on bills aimed at "reforming" domestic insurance regulatory policy was held by the Subcommittee on Housing and Insurance of the House Financial Services Committee.
Officials of the National Association of Mutual Insurance Companies and the Property Casualty Insurers Association of America testified in support of the bills. An official of the American Council of Life Insurers spoke strongly in favor of enactment of H.R. 4510, the Insurance Capital Standards Clarification Act of 2014.
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