Rep. Michael Oxley (R-OHIO), chairman of the powerful House Financial Services Committee which handles federal terror insurance, flood program and other industry legislation, was named the first-ever Legislator of the Year by the National Association of Mutual Insurance Companies (NAMIC) today.
Oxley was honored at a luncheon attended by mutual insurance company executives and political action committee contributors at NAMIC’s annual convention in Washington, D.C.
The Ohio Republican used the occasion to predict there will soon be a “bipartisan” agreement to renew the Terror Risk Insurance Act (TRIA) that will include a group health provision.
In his remarks, Oxley called TRIA an “unqualified success” even while expressing disappointment that private reinsurers had not made as much progress as he had hoped in developing a private market for terror coverage. He praised President Bush for supporting TRIA.
Oxley also pledged support for efforts underway to modernize regulation of the industry with federal legislation that fosters more uniformity among state insurance regulations.
“Nothing is more important than unformity to provide consumers more choice,” he told the NAMIC crowd.