Lawmakers approve weakened Federal Insurance Office language

06/24/2010 | PropertyCasualty360

Lawmakers tasked with finalizing financial-services-reform legislation approved provisions that would establish a Federal Insurance Office within the Treasury Department but would not provide the office with the ability to pre-empt state insurance laws, a move that drew praise from P/C insurers. The provisions also would require the office to obtain information from state regulators "before imposing costly and burdensome data demands on insurers," noted PCI's Ben McKay.

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