A markup of the Office of Insurance Information Act of 2008 (H.R. 5840) scheduled for this Wednesday, July 9, is premature according to PIA. PIA National has sent a letter to Capital Markets Subcommittee Chairman Paul Kanjorski (D-Pa.) outlining work that still needs to be done on the legislation and pointing to testimony before the subcommittee by the National Association of Insurance Commissioners (NAIC), raising concerns about preemption of state insurance laws by the U.S. Treasury, which would be allowed by the bill.

This markup has been expanded to include H.R. 5611, the National Association of Registered Agents and Brokers Reform Act of 2008 (NARAB II), H.R. 5792, the Increasing Insurance Coverage Options for Consumers Act, as well as Securities Act of 2008 (Committee Print). In our letter to Kanjorski, PIA suggested that more work is needed on H.R. 5840, H.R. 5611 and H.R. 5792, and that the July 9 markup is premature.

July 8, 2008