About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

1 1 (September 3, 2003)

handle is hein.crs/crsuntaabbt0001 and id is 1 raw text is: Order Code RS21172 Updated September 3, 2003 CRS Report for Congress Received through the CRS Web Optional Federal Chartering for Insurers: Major Interest Groups Baird Webel Analyst in Economics Government and Finance Division Summary Since passage of the Gramm-Leach-Bliley Act in 1999, Congress has focused new attention on the question of federal chartering for insurance companies. During the 107' Congress, proposals were brought forward by Senator Charles Schumer, The National Insurance Chartering and Supervision Act(NICSA), and Representative John LaFalce, H.R.3766, The Insurance Industry Modernization and Consumer Protection Act (IIMCPA). Although different in some particulars, both proposals were modeled on the dual state/federal regulation that now exists for the banking industry and would have given insurance companies the option to be chartered and regulated by a newly established federal regulator rather than by current state regulators. In the 108th Congress, Senator Ernest Hollings has introduced S. 1373, the Insurance Consumer Protection Act, on July 8, 2003. Unlike the earlier proposals, S. 1373 would create a mandatory system of federal regulation for all interstate property/casualty and life insurers. 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, originally written in 2002 by S. Roy Woodall Jr., will be updated as major legislative events occur. 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. While there have been a number of changes in this state regulatory system proposed at the federal level, the system has remained largely untouched by these Congressional Research Service ** The Library of Congress

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Short-term subscription options include 24 hours, 48 hours, or 1 week to HeinOnline.

Purchase Access

Already a HeinOnline Subscriber?

Log In

profiles profiles most