Obama administration unveils U.S. insurance office language
WASHINGTON, July 22 (Reuters) – The Obama administration on Wednesday released proposed legislative language for its proposal to create an Office of National Insurance as a part of the U.S. Treasury Department.
The language says the office, part of the administration’s broad plan to reshape U.S. financial regulation, would “monitor all aspects of the insurance industry.”
The nation’s 6,000 insurers are now regulated by state and territorial governments. Some insurance companies want federal oversight; some don’t. The administration’s proposed office would not regulate insurers, but it would be a central hub for federal information and surveillance of the industry.
“The authority of the office shall extend to all lines of insurance except health insurance,” the proposal says.