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1 1 (March 18, 2002)

handle is hein.crs/crsuntaaapa0001 and id is 1 raw text is: Order Code RS21172 March 18, 2002 Optional Federal Chartering for Insurers: Major Interest Groups S. Roy Woodall, Jr. Insurance Consultant Government and Finance Division Summary Congress is considering two legislative proposals for the optional federal chartering, supervision, and regulation of insurers. In the Senate, The National Insurance Chartering and Supervision Act(NICSA) was introduced by Senator Charles Schumer on December 20, 2001. In the House, H.R. 3766, The Insurance Industry Modernization and Consumer Protection Act (IIMCPA) was introduced by Representative John LaFalce on February 14, 2002. Both bills are modeled on the dual state/federal regulation that now exists for the banking industry and would enable insurance companies to choose to be chartered and regulated by a newly established federal regulatory system, rather than by the states under the current regulatory system. Insurance companies doing business in the United States have been regulated at the state level for the past 150 years, and the various insurance related interest groups have been largely state oriented. As a result, there is limited familiarity on the national level with these insurance industry-related interest groups or how they differ in their positions on federal chartering legislation. This report identifies some of the major insurance groups and state-related organizations with an interest in federal chartering and regulation of the insurance industry. This report will be updated as events warrant. Insurance companies comprise a major segment of the U.S. financial services industry. However, unlike banks and other financial institutions that are regulated primarily at the federal level, insurance companies have been regulated by the states for the past 150 years. Currently there are two proposals before Congress that would alter the current regulatory system by allowing insurance companies to choose to be chartered and regulated by a newly established federal regulatory system.1 There are approximately 1 For more information on proposals before Congress and background on state insurance regulation, see CRS Report RS21153, Optional Federal Charteringfor Insurers: Legislation and (continued...) Congressional Research Service +. The Library of Congress CRS Report for Congress Received through the CRS Web

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