Posted: 7/27/2011

NAMIC to call on Congress for Strong Oversight of Dodd-Frank Implementation, International Agreements

In perhaps the only insurance oversight hearing to include industry representatives this year, NAMIC will testify before the U.S. House Financial Services Subcommittee on Insurance, Housing and Community Opportunity on a broad range of insurance regulatory issues.

Titled “Insurance Oversight: Policy Implications for U.S. Consumers, Businesses and Jobs”, the hearing will focus on the myriad new agencies and regulations created under the Dodd-Frank Act and the potential impact of international regulatory agreements on the domestic property/casualty insurance market.

Andrew Furgatch, chairman of the Magna Carta Companies, will be appearing on behalf of NAMIC as well as PCI, to call on members of Congress to conduct vigorous oversight of the implementation of Dodd-Frank and ensure that as agencies such as the Federal Insurance Office, Financial Stability Oversight Council and Office of Financial Research take shape, they do not expand beyond the law’s intent. Of equal importance for Congress will be to ensure that as regulators work in coordination to meet the challenges of the global economy, these efforts do not come at the cost of abdication of regulatory authority to foreign jurisdictions or quasi-governmental bodies.

You can view witness statements and watch the hearing live tomorrow morning at 10:00 a.m. by clicking here.

The hearing will include two panels of witnesses. Appearing on the first panel are:

• John Huff, Director, Missouri Department of Insurance, Financial Institutions, and Professional Registration
• Susan Voss, Commissioner, Iowa Insurance Division and President, National Association of Insurance Commissioners
• Greg Wren (R-AL), Treasurer, National Conference of Insurance Legislators

In addition to Furgatch, the second panel includes:

• Clay Jackson, CPCU, Senior Vice President and Regional Agency Manager, BB&T Cooper Love, Jackson, Thornton & Harwell, on behalf of the Independent Insurance Agents and Brokers of America and the Council of Insurance Agents and Brokers
• Leigh Ann Pusey, President and CEO, American Insurance Association, on behalf of the Financial Services Roundtable and the American Insurance Association
• Birny Birnbaum, Executive Director, Center for Economic Justice
• Letha E. Heaton, Vice President, Marketing, Admiral Insurance Company, on behalf of National Association of Professional Surplus Lines Offices, Ltd.
• Gary Hughes, Executive Vice President & General Counsel, American Council of Life Insurers
• Eric Smith, President and CEO Americas, Swiss Re, on behalf of the Reinsurance Association of America

Direct questions to NAMIC's Federal Affairs Counsel Dylan Jones.