HI SCR83

Urges the United States Congress to oppose any measure that creates a federal insurance office, including House Resolution 2609, the Federal Insurance Office Act of 2009, and the Restoring American Financial Stability Act of 2009.

Opposes the establishment of a federal Office of Insurance Information or Office of National Insurance at the Treasury Department due to concerns that such an entity could be authorized to preempt state insurance laws and regulations.

Notes that House Resolution 2609 (substituted October 1, 2009) would grant a Federal Insurance Office authority to steer insurers to the Federal Reserve for heightened regulation and establish open-ended responsibilities.

References President Obama's June 16, 2009 financial services regulatory reform plan, which proposed an Office of National Insurance to identify regulatory gaps, oversee systemic risk, and administer the Terrorism Risk Insurance Program.

Directs transmission of certified copies of the resolution to Hawaii's congressional delegation and the Secretary of the United States Treasury Department.