Office of National Insurance to sit within US Treasury
The US Senate banking committee, chaired by Chris Dodd, has called for an Office of National Insurance (ONI) to oversee the regulation of all insurers except health insurers in the US.
The ONI would be within the Treasury and the Treasury would appoint the ONI’s director.
It will:
- Monitor all aspects of insurance and reinsurance and spot gaps in regulation
- Help administer terrorism insurance
- Develop federal policy and represent the US at the International Association of Insurance Supervisors
- Assist the Treasury Secretary negotiate international insurance agreements and decide if state insurance measures are pre-empted by international prudential measures
- Gather and share information on insurers, including carrying out a major initial study.
The announcement was overshadowed by Dodd’s plans for single banking regulators
