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|Source:||A.M. Best Company, Inc.|
Just what the still-forming Federal Insurance Office becomes, and guarding against mission creep, will be a key priority for the incoming chairwoman of the congressional subcommittee charged with oversight of insurance issues. However, establishing an optional federal charter for insurance will not be high on her agenda.
“So much of insurance is state-based … we want to make sure that we have collecting and analyzing for what goes on in the states and not wanting it to be excessive oversight … so it’s kind of a balance there that we have to work out,” said Rep.
Biggert, who won re-election to a seventh term in November, will take charge of an expanded portfolio in the newly renamed Subcommittee on Insurance, Housing and Community Opportunity under the
“We’ve had not just people who are in state legislatures, but who have been in the business world, who have been in these markets,” she said.
Insurance issues that fell under the Financial Services Committee were previously steered to the
The subcommittee will have an agenda that includes the Dodd-Frank financial reform act, renewal of the National Flood Insurance Program and potential consideration of an optional federal charter. But the focus will be on oversight of and amendments to Dodd-Frank’s insurance provisions, particularly the FIO. While insurance matters are expected to be a small part of the
“We want to make sure that the regulators are doing their job, but not micromanaging them,” she said.
Consideration of an optional federal charter for insurance is a recurring issue. Past co-sponsor
“I don’t know if we’ll be getting into that too much,” Biggert said. “I think we’ve got enough to do before we get to something like that.”
The complete interview with Congresswoman Biggert can be found at http://www.ambest.com/media/media.asp?RC=181550.