Filed Under:Markets, Affluent

House Subcommittee to Address Bills to Rollback Federal Oversight

Mike McRaith, Director, Federal Insurance Office
Mike McRaith, Director, Federal Insurance Office

WASHINGTON—A House subcommittee will hold a hearing Wednesday and the main subject will be three pieces of legislation seeking to severely roll back federal authority to oversee insurance companies gained in the 2010 Dodd-Frank financial services reform law.

The House Financial Services Committee (FSC) is not expected to announce until Monday at the earliest that its Housing and Community Opportunity Subcommittee Hearing will hold a hearing on the insurance oversight-related proposals.

Testifying at the hearing on behalf of the NAIC will be Joseph Torti, III, head of the Division of Insurance in Rhode Island; Michael Lanza, executive vice president of Selective Insurance Group on behalf of the PCI; and  Daniel Schwarcz, associate professor of law at the University of Minnesota and an NAIC consumer representative.

The Fed and the FDIC turned down invitations to send witnesses to the hearing. The Treasury Department, which houses the FSOC, the FIO and the OFR, were not asked to send witnesses.

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