Wednesday, July 9, 2008

AIA Says Bill to Establish Federal Office Critical

Gov. Marc Racicot, president, American Insurance Association (AIA), today applauded a U.S. House subcommittee for advancing legislation (H.R. 5840) that would establish an Office of Insurance Information within the Federal Government.

“Today’s vote by the House Subcommittee on Capitol Markets is a recognition that an immediate need exists for federal expertise regarding the important national and international insurance trends in today’s rapidly changing and globalized marketplace," Racicot commented. "This office will help the U.S. Treasury analyze the important societal role that insurance plays in the domestic economy and will provide urgently needed leadership by the U.S. in international insurance regulatory policy making and agreements.

“The Office of Insurance Information could be a tremendously valuable tool for enabling the U.S. to speak with one voice on important insurance matters and for establishing U.S. leadership globally on developing international standards for insurance regulation.

"We thank Rep. Paul Kanjorski for introducing this common sense piece of legislation and for keeping it in the forefront. We look forward to working with him and other members to continue moving this critical piece of legislation forward.”

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