The Risk and Insurance Management Society, Inc. (RIMS) today announced its strong support of legislation that would form the nation’s first federal office of insurance. The proposed office would be the first centralized authority on insurance matters and would enable the federal government to gain an insurance expertise as well as speak with one voice on international insurance policy. H.R. 2609, an amendment in the nature of a substitute, largely reflects the efforts of the Administration and Insurance Subcommittee Chairman Paul Kanjorski, D-Pa, but also enjoys broad-based bipartisan support. RIMS also views the legislation as a precursor to the Society’s long-held support of an optional federal charter for commercial property and casualty insurers and reinsurers.
RIMS is encouraged by the House of Representatives inclusion of H.R. 2609 in the regulatory modernization effort, and calls upon the Senate to include this same proposal in its version.