Regulatory Modernization

Optional Federal Charter

Follow the links below to locate testimony, legislation, section-by-section comparisons of various OFC bills and the supporting documents ABIA uses to advocate in favor of optional federal regulation of the insurance industry.

Statements, Studies and Other Supporting Documents:
 Report by the Congressional Research Service, "Insurance Regulation: Optional Federal Charter Legislation" (12-14-07)
 HR 3200 "The National Insurance Act of 2007": Introduced by Representatives Bean and Royce as companion legislation to S. 40.  Read the fact sheet, Q&A, and list of Consumer protections provided in the bill.  (7-25-07)
 S. 40 "The National Insurance Act of 2007": Introduced by Senators Sununu and Johnson in May of 2007, this proposal is substantially similar to S. 2509. (5-24-07)

 Letters to Chairman Dodd, Ranking Member Shelby of the Senate Banking Committee and to Chairman Kanjorski, Ranking Member Pryce of the House Financial Services Capital Markets Subcommittee
 S. 2509 The National Insurance Act of 2006 (4-5-06)
 Letter from Alan Liebowitz (5-2-06)
 OFC Coalition Final Draft Letter (4-28-06)
 Optional Federal Charter - Sample Letter
 Press Release - OFC Company Letter to Senate Banking Committee (6-14-05)
 GAO Study of Federal Insurance Activities (3-4-05)
 GAO Study of Antitrust Exemption for Insurance (3-4-05)
 Letter to Chairman Oxley and Chairman Baker (3-30-04)
 Oxley-Baker Roadmap for Insurance Reform (3-30-04)
 University of Massachusetts-Sheila Beir Study on OFC (3-29-04)
 Optional Federal Charter Talking Points (11-19-03)
 Letter to Representative Baker on State Laws (12/11/03)
 GAO Report on Market Regulation (9-2003)
 S. 1373, the Insurance Consumer Protection Act of 2003
 Summary of S. 1373, The Hollings Bill (7-28-03)
 Letter to Representative Keenan, NCOIL President (2-19-03)
 Letter to Senator Larkin, NCOIL President (11-15-02)
 The Dual Banking System as a Case Study 10-04-01

Testimony:
 Testimony of Alan F. Liebowitz before the U.S. Senate Banking Committee (7-11-06)
 Testimony of Alan F. Liebowitz before the U.S. Senate Banking Committee (9-22-04)
 OFC Presentation by Alan Liebowitz before NCOIL (2-28-04)
 Response to Representive Baker's Questions from Hearing (7-15-02)
 Oral Testimony of Glen Milesko, Banc One, (6-18-02)
 Written Statement of Glen Milesko, Banc One, (6-18-02)
 Joint FSCC Statement of OFC Principles (6-3-02)
 Senator Schumer Introduces Optional Federal Chartering Bill (12-21-01)
 The National Insurance Chartering and Supervision Act (NICSA)
 NICSA Section by Section Summary
 NICSA Executive Summary
 Comparison of Optional Federal Charter Bills (3-1-02) 
 ABIA's Draft of the Optional Federal Chartering Legislation 2001 (5-9-01)
 Press Release for Testimony-G. Milesko of Bank One on behalf of ABAIA (ABIA)
(9-19-00)

 Testimony - G. Milesko of Bank One on behalf of ABAIA (ABIA) (9-19-00)

The Smart Act - Oxley/Baker Draft Legislation

Below is a discussion draft of the proposed legislation implementing the Roadmap to Insurance Regulatory Reform authored by House Financial Services Committee Chairman Mike Oxley (R-OH) and Capital Markets Subcommittee Chairman Richard Baker (R-LA).  It is in its original form and is expected to change.

 Insurance Draft Summary (8-19-04)
 Title 1 - General Provisions (8-19-04)
 Title 2 - Market Conduct and Uniform Standards (8-19-04)
 Title 3 - Insurer Licensing (8-19-04)
 Title 4 - Producer Licensing (8-19-04)
 Title 5 - Life Insurance (8-19-04)
 Title 6 - Commercial Property and Casualty Insurance (8-19-04)
 Title 7 - Personal Lines Property and Casualty Insurance (8-19-04)
 Title 8 - Surplus Lines and Independently Procured Insurance(8-19-04)
 Title 9 - Reinsurance (8-19-04)
 Title 10 - Antifraud Network (8-19-04)
 Title 11 - Viaticals (8-19-04)
 Title 12 - Miscellaneous Insurance (8-19-04)
 Title 13 - Receivership (8-19-04)
 Title 14 - Financial Surveillance (8-19-04)
 Title 15 - State-National Insurance Coordination Partnership (8-19-04)
 Title 16 - Creating Competition Insurance Markets (8-19-04)
 Title 17 - Scope (8-19-04)


Gramm-Leach-Bliley Act Implementation

ABIA worked closely with the federal banking agencies to secure appropriate regulations implementing the insurance provisions of GLBA. Follow the links below to read all the relevant documents in this process.

GLBA Section 305 Regulations:
 EGRPRA Comment Letter to Regulators (10-4-04)

 Regulators' Response on Section 305 Renewals (2-28-03)
 Letter to NAIC Requesting Expedited Consideration of Application Changes Necessitated by Section 305 (3-22-01)

 Federal Register Notice on Section 305 Compliance Deadline Extension (3-19-01)

 Federal Regulators Press Release on Extension of Section 305 Compliance Deadline to October 1, 2001 (3-14-01)

 Petition to Postpone Section 305 (2-22-01)

Compliance Issues:
 Fixed-Rate Annuities Letter to Regulators (4-16-02)
 Section 305 Renewals - Letter to Regulators (3-5-02)
 Section 305 Renewals - Discussion Paper (3-5-02)
 Section 305 Q&A Responses (8-17-01) 
 Memo from J. Sivon to Climo re: Section 305 Bank-Insurance Rules(12-29-00)