MI HR0047

Expresses strong opposition to federal legislation that would create an optional federal charter for insurance companies or otherwise preempt state authority over insurance regulation and consumer protection.

Asserts that insurance regulation has historically been a state power under the McCarran-Ferguson Act of 1945 and that state legislatures are more responsive to constituents' needs and state-specific market demands.

Argues that state-based insurance regulation has proven effective during the financial crisis, while federally-regulated financial services entities have experienced significant failures and financial turmoil.

Warns that federal insurance regulation would eliminate $223 million in annual Michigan premium tax revenue, compromise state guaranty fund coverage, and create confusion through overlapping federal and state directives.

Directs transmission of the resolution to the President of the Senate, Speaker of the House, the House Financial Services Committee, Senate Banking Committee, and Michigan's congressional delegation.