Gov. Marc Racicot, president, American Insurance Association, today commended the House Subcommittee on Capitol Markets for its continued focus on legislation to establish an Office of Insurance Information within the Federal Government.
According to Gov. Racicot:
"There is an immediate need for experts at the federal level to collect, analyze and interpret publically available data on insurance related issues. We don’t have that now and it’s absolutely critical, especially when it comes to international and federal policy matters.
“An Office of Insurance Information could develop the uniformity in insurance policy that is sorely lacking now, and provide both the expertise and federal voice for insurers operating globally and in the U.S.
“This legislation responds to a real need in the marketplace and would fill a real gap in executive expertise in insurance. We thank Rep. Paul Kanjorski for introducing it in April and for keeping this important insurance regulatory matter in the forefront. We will continue working with him and other members on this essential effort.”