Senate Banking Committee Insurance Regulation Reform Hearing

Today the Senate Banking Committee held a far reaching hearing on insurance regulation. Twelve members of the Committee from both sides of the aisle were there for all or part of the standing room only 2 ½ hour session. There was testimony from the NAIC, from representatives of the life and the property casualty industries, from a consumer group, and from agent/broker groups:

• Alessandro Iuppa, Superintendent of Insurance, State of Maine, on behalf of the National Association of Insurance Commissioners
• John D. Johns, President and CEO, Protective Life Corporation, on behalf of the American Council of Life Insurers
• Thomas Minkler, President, Clark-Mortenson Agency, Inc., on behalf of the Independent Insurance Agents & Brokers of America
• Joseph J. Beneducci, President and COO, Fireman's Fund, on behalf of the American Insurance Association
• Jaxon A. White, President and CEO, Medmarc Insurance Group, on behalf of the Property Casualty Insurers Association of America
• Alan F. Liebowitz, President, Old Mutual (Bermuda) Ltd., on behalf of the American Bankers Insurance Association
• Robert A. Wadsworth, President and CEO, Preferred Mutual Insurance Company, on behalf of the National Association of Mutual Insurance Companies
• Travis Plunkett, Legislative Director, Consumer Federation of America
• Robert M. Hardy, Jr., Vice President and General Counsel, Investors Heritage Life Insurance Company, on behalf of the National Alliance of Life Companies
• Scott Sinder, The Scott Group, on behalf of the Council of Insurance Agents & Brokers

The hearing centered on the need for insurance regulatory modernization and reform, principally S.2509, the optional federal charter bill introduced in April. There was also brief mention of H.R. 5637 introduced in June dealing with surplus lines and reinsurance. Chairman Shelby indicated that there will be other insurance hearings, even yet this year.