House Resolution 41 - Introduced

PAG LIN

                                    H.R. ________ S.R. ________


  1  1                HOUSE RESOLUTION NO.    
  1  2      BY  ALONS, ANDERSON, ARNOLD, BAUDLER, COWNIE,
  1  3      DE BOEF, DEYOE, DOLECHECK, DRAKE, FORRISTALL,
  1  4      GRASSLEY, HAGENOW, HEATON, HELLAND, HORBACH,
  1  5   HUSEMAN, KAUFMANN, KOESTER, LUKAN, MAY, L. MILLER,
  1  6    S. OLSON, PAULSEN, PETTENGILL, RAECKER, RAYHONS,
  1  7      ROBERTS, SANDS, SCHULTE, SCHULTZ, SODERBERG,
  1  8      SORENSON, STRUYK, SWEENEY, TJEPKES, TYMESON,
  1  9        UPMEYER, VAN ENGELENHOVEN, WAGNER, WATTS,
  1 10                 WINDSCHITL, and WORTHAN
  1 11 A Resolution in support of state=based regulation of
  1 12    the property and casualty insurance industry.
  1 13    WHEREAS, the United States Congress declared that
  1 14 insurance is not interstate commerce in 1945 by
  1 15 enacting the McCarran=Ferguson Act; and
  1 16    WHEREAS, the McCarran=Ferguson Act reserved to the
  1 17 individual states primary and preemptive
  1 18 responsibility for regulating insurance; and
  1 19    WHEREAS, the insurance industry has flourished in
  1 20 the United States through the efficient and effective
  1 21 regulation of insurance such that more than 3,000
  1 22 companies now compete to serve consumers; and
  1 23    WHEREAS, the financial failure of any property and
  1 24 casualty insurer is a rare occurrence that, when it
  1 25 does occur, is processed in an orderly fashion by
  1 26 state regulators acting in concert with the respective
  1 27 state insurance guaranty funds that safeguard the
  1 28 insurance industry without involving taxpayer funds;
  1 29 and
  1 30    WHEREAS, the current financial crisis gripping the
  2  1 United States and the world has its origin in
  2  2 questionable financial practices and products offered
  2  3 through banks and other companies whose primary focus
  2  4 is not property and casualty insurance; and
  2  5    WHEREAS, the companies found to be at the root
  2  6 cause of the United States' current economic turmoil
  2  7 are regulated by federal authorities; and
  2  8    WHEREAS, the federal regulatory entities
  2  9 responsible for oversight of those questionable
  2 10 financial practices and products failed to prevent
  2 11 today's financial crisis; and
  2 12    WHEREAS, the Iowa House of Representatives has an
  2 13 official responsibility and patriotic right to speak
  2 14 out on behalf of the people of Iowa against policies
  2 15 that will have a significant negative impact on Iowa's
  2 16 communities; NOW THEREFORE,
  2 17    BE IT RESOLVED BY THE HOUSE OF REPRESENTATIVES,
  2 18 That the Iowa House of Representatives declares its
  2 19 opposition to any attempt by the United States
  2 20 Congress to take over responsibility for regulating
  2 21 the property and casualty insurance industry as part
  2 22 of any legislation that is intended to reform the
  2 23 financial services industry; and
  2 24    BE IT FURTHER RESOLVED, That the Iowa House of
  2 25 Representatives urges members of the United States
  2 26 Senate and House of Representatives to declare their
  2 27 opposition to federal regulation of the property and
  2 28 casualty insurance industry.
  2 29    BE IT FURTHER RESOLVED, That copies of the
  2 30 resolution be transmitted to the Honorable Joseph
  3  1 Biden, Vice President of the United States and
  3  2 President of the Senate; the Honorable Nancy Pelosi,
  3  3 Speaker of the United States House of Representatives;
  3  4 the Honorable Harry Reid, Majority Leader of the
  3  5 United States Senate; and Iowa's congressional
  3  6 delegation.
  3  7 LSB 2260YH 83
  3  8 av/rj/5