FEDERAL INSURANCE ACT OF 1977

HEARINGS

BEFORE THE

COMMITTEE ON

BANKING, HOUSING, AND URBAN AFFAIRS

UNITED STATES SENATE

NINETY-FIFTH CONGRESS

FIRST SESSION

ON

S. 1710

TO AUTHORIZE THE ISSUANCE OF CHARTERS FOR CARRY-

ING ON THE BUSINESS OF INSURANCE, TO PROVIDE FOR THE

GUARANTEE OF THE INSURANCE OBLIGATIONS, AND FOR

OTHER PURPOSES

99-073 O

SEPTEMBER 12, 13, AND 14, 1977

Printed for the use of the Committee on Banking, Housing,

and Urban Affairs

DOC

Y 4.B 22/3: In 7/3/977

U.S. GOVERNMENT PRINTING OFFICE

WASHINGTON: 1977

COMMITTEE ON BANKING, HOUSING, AND URBAN AFFAIRS

WILLIAM PROXMIRE, Wisconsin, Chairman

JOHN SPARKMAN, Alabama

HARRISON A. WILLIAMS, JR., New Jersey

THOMAS J. MCINTYRE, New Hampshire
ALAN CRANSTON, California

ADLAI E. STEVENSON, Illinois
ROBERT MORGAN, North Carolina
DONALD W. RIEGLE, JR., Michigan
PAUL S. SARBANES, Maryland

EDWARD W. BROOKE, Massachusetts
JOHN TOWER, Texas

JAKE GARN, Utah

H. JOHN HEINZ III, Pennsylvania
RICHARD G. LUGAR, Indiana
HARRISON SCHMITT, New Mexico

KENNETH A. MCLEAN, Staff Director
JEREMIAH S. BUCKLEY, Minority Staff Director
ELINOR B. BACHRACH, Professional Staff Member