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H. C. R. No. 17 As Introduced
As Introduced
| 128th General Assembly | | Regular Session | | 2009-2010 |
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A CONCURRENT RESOLUTION
| To request that the members of the United States
Congress refrain from enacting the Consumer
Protection and Regulatory Modernization Act.
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BE IT RESOLVED BY THE HOUSE OF REPRESENTATIVES OF THE STATE OF OHIO
(THE SENATE CONCURRING):
| WHEREAS, The Consumer Protection and Regulatory Modernization
Act would allow insurers and insurance producers to opt out of
state-based regulation, effectively dismantling existing
state-based consumer protections and would allow nearly any
function of the national insurance regulator to be carried out by
self-regulatory industry groups, effectively handing the keys of
supervision over to those being supervised; and |
| WHEREAS, The act additionally would authorize the formation
of a separate insurance guaranty fund for federally regulated
insurers and requires that federal insurance offices be set up in
all fifty states, concepts that are redundant to the more
comprehensive, national, state-based insurance regulatory system
already in place; and |
| WHEREAS, In light of the current financial turmoil, the
American people have called for strengthened regulatory systems —
not abdication of control to those who are regulated; and |
| WHEREAS, State insurance solvency oversight has kept
insurance companies stable and protected policyholders from the
worst of the financial meltdown, and state regulators continue to
provide a local response to consumer issues at no cost to federal
taxpayers; now therefore be it |
| RESOLVED, That we, the members of the 128th General Assembly
of the State of Ohio, hereby request that the United States
Congress refrain from enacting the Consumer Protection and
Regulatory Modernization Act; and be it further |
| RESOLVED, That the Clerk of the Senate transmit duly
authenticated copies of this resolution to the President of the
United States, to the Speaker and the Clerk of the United States
House of Representatives, to the President Pro Tempore and the
Secretary of the United States Senate, to the members of the Ohio
Congressional delegation, and to the news media of Ohio. |
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