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FEDERAL INSURANCE ACT OF 1977

HEARINGS

BEFORE

us Congress.Sun.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

KF26 В39 1977 av

Coppa

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, Pennsylvania
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

S. 1710...

Section-by-section analysis.---

LIST OF WITNESSES

MONDAY, SEPTEMBER 12

Harold M. Williams, Chairman, Securities and Exchange Commission.-

John Robert Hunter, Jr., Deputy Federal Insurance Administrator,

Department of Housing and Urban Development, accompanied by

Howard Clark, former insurance commissioner of South Carolina.

Joe Sims, Deputy Assistant Attorney General, Antitrust Division, Depart-

ment of Justice, accompanied by Guy Maseritz, Chief, Legislative Unit,

Antitrust Division.-

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, president, Professional Insurance Agents, 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, IIAAL-

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, II.--

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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