The chairwoman of the House Financial Services subcommittee on insurance and a senior member of the Senate Banking Committee who chairs its subcommittee on insurance will serve as keynote speakers for an insurance summit examining the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act, with a focus on the forthcoming report to Congress by the newly established Federal Insurance Office.
Rep. Judy Biggert (R-Ill.), chairwoman of the Subcommittee on Insurance, Housing and Community Opportunity of the House Financial Services Committee, and Sen. Jack Reed (D-R.I.), chairman of the Subcommittee on Securities, Insurance and Investment, will be among the speakers at a March 16 event in Washington, D.C.
Networks Financial Institute at Indiana State University presents “In the Eye of the Hurricane: Preparing for the Federal Insurance Office and 2012 Report to Congress.”
In addition to Biggert and Reed, the 7th Annual NFI Insurance Reform Summit will feature remarks and presentations by many of the biggest names in the insurance industry and academia providing insight about what to expect as elements of the Dodd-Frank Act continue to be implemented.
“Perhaps we are in a temporary quiet between the storm walls,” said Terrie Troxel, executive director of NFI. “There was great debate surrounding the law’s purpose and scope. Since its enactment last year, of course, the political landscape has changed, especially in the House of Representatives. We will see which way the winds now blow as we move into the future of studies by the FIO and more discussion in Congress about the next steps.”
The Dodd-Frank Act, signed into law last July, established the Federal Insurance Office within the U.S. Department of the Treasury. While insurance regulation remains primarily the responsibility of state governments, the new federal office has several responsibilities, including making a report to President Obama and Congress on the modernization of the insurance industry, actions taken to pre-empt inconsistent state regulation measures, and the potential effects of a federal charter for insurance.
“Those attending the Summit will hear the perspective of federal and state officials on how they see the FIO being staffed, funded, and the scope and expected impact of its activities,” Troxel said.
Several industry leaders and regulators will speak, including Susan Voss, Iowa insurance commissioner and president of the National Association of Insurance Commissioners; Leigh Ann Pusey, president and CEO of the American Insurance Association; former Idaho Gov. Dirk Kempthorne, president and CEO of American Council of Life Insurers; and John Huff, Missouri insurance director and member of the Financial Stability Oversight Council.
Scott Harrington, Alan B. Miller Professor in the Wharton School at the University of Pennsylvania, and Peter J. Wallison, the Arthur F. Burns Fellow in Financial Policy Studies at the American Enterprise Institute for Public Policy Research, also will present at the Summit.
This is the 7th Annual Insurance Reform Summit conducted by NFI, a nationally recognized thought leader in insurance regulatory reform that is uniquely positioned to provide insight and influence insurance public policy.
“In the insurance policy and regulatory world, few events are as eagerly anticipated as the annual Insurance Reform Summit, and no entity is as respected a convener as NFI,” said Charles T. Richardson, chairman of Baker & Daniels and B&D Consulting's Insurance & Financial Services Practice and adviser to NFI. “Year after year, NFI has been able to attract newsmakers and thought leaders in insurance regulatory reform, and this year’s event promises to provoke much discussion and debate during this critical post-Dodd-Frank period.”
The Summit will take place from 8 a.m. to 2 p.m. March 16 in the Ronald Reagan Building and International Trade Center in Washington, D.C. More information on the Summit, as well as NFI, is available at www.isunetworks.org.