CEI Fellow Praises Insurance Information Act

Washington, D.C., May 26, 2009—The head of
the insurance project at the Competitive Enterprise Institute today praised
Rep. Paul Kanjorski’s (D-PA) proposed Insurance Information Act (H.R. 2609).
The bill creates a limited purpose Office of Insurance Information that would
create a repository of insurance expertise at the Department of the Treasury
and represent the United
States in international trade issues
involving insurance. 

“This
is simply a commonsense measure,” said Competitive Enterprise Institute Senior Fellow Eli Lehrer. “The federal
government, if nothing else, needs a repository of expertise about insurance.
That’s been lacking to date. The National Association of Insurance
Commissioners (NAIC) clearly isn’t up to the task of representing the United States
in international forums. Under our current system, men and women with no
international experience whatsoever get picked as our chief negotiators on major
international trade issues. Even the NAIC itself has endorsed the creation of
an office of insurance information. Given the collapse of AIG, it’s pretty
clear that we need something like this. Even if no broader federal chartering
legislation becomes law, I can’t imagine that Congress would turn down a
measure this modest.”

Lehrer adds that he thinks legislation should go further.
“This will move things in the right direction,” he says, “but it’s only a
beginning.” 

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