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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

SEPTEMBER 12, 13, AND 14, 1977

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

and Urban Affairs

U.S. GOVERNMENT PRINTING OFFICE

WASHINGTON : 1977

90-073 O

COMMITTEE ON BANKING, HOUSING, AND URBAN AFFAIRS

WILLIAM PROXMIRE, Wisconsin, Chairman JOHN SPARKMAN, Alabama

EDWARD W. BROOKE, Massachusetts HARRISON A. WILLIAMS, JR., New Jersey JOHN TOWER, Texas THOMAS J. MCINTYRE, New Hampshire JAKE GARN, Utah ALAN CRANSTON, California

H. JOHN HEINZ III, Penn lvania ADLAI E. STEVENSON, Illinois

RICHARD G. LUGAR, Indiana ROBERT MORGAN, North Carolina

HARRISON SCHMITT, New Mexico
DONALD W. RIEGLE, JR., Michigan
PAUL S. SARBANES, Maryland

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

CONTENTS

Page

4

4

TUESDAY, SEPTEMBER 13

Wesley J. Kinder, insurance commissioner, State of California, representing

the National Association of Insurance Commissioners..

Richard L. Mathias, director of insurance, State of Illinois, accompanied

by Michael Hasten, chief counsel---

James M. Stone, insurance commissioner, Commonwealth of Massa-

chusetts, accompanied by Keith R. Rodney, Deputy Commissioner of

Insurance.

T. Lawrence Jones, president, American Insurance Association, accom-

panied by Walter D. Vinyard, Jr., counsel..

Andre Maisonpierre, on behalf of the Alliance of American Insurers-

Arthur C. Mertz, president, National Association of Independent Insurers.

WEDNESDAY, SEPTEMBER 14

Robert L. Dillard, Jr., executive vice president, Southland Life Insurance

Co, on behalf of the American Council of Life Insurance and the Health

Insurance Association of America -

Marvin L. Pearce, pres ent, Professional Insurance ents, accompanied

by Edward O'Rourke, State Legislation and Regulation Committee,

PIA..

Edward J. Kremer, chairman, Federal Affairs Committee, Independent

Insurance Agents of America, accompanied by Jeffery Yates, associate

general counsel, IIAA..

H. James Douds, general counsel, National Association of Life Under-

writers.

Jean C. Hiestand, vice president-counsel, on behalf of State Farm In-

surance Cos. of Bloomington, Ill...

Dennis Reinmuth, director of special projects, League Insurance Group--

ADDITIONAL STATEMENTS AND DATA

American Insurance Association, supplement to the testimony of T.

Lawrence Jones, president--

Congressional Record, reprint of remarks of Senator Brooke on introduction

of S. 1710..

Department of Housing and Urban Development, proposed study on the

social policy questions of insurance regulation.

Economic Perspective, publication of the Federal Reserve Board, excerpt

from article titled “ 'Incidental Activities of Bank Holding Companies”.

(11)

472

74

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