Louis Stokes: “I thank my chairman. The committee conference report contains language expressing the committee's concern that HUD not…”

“I thank my chairman. The committee conference report contains language expressing the committee's concern that HUD not duplicate the State's regulation of property insurance. However, it is the view of many members of the committee, that HUD does not regulate insurance. The Department does not now and will not approve rate filings or underwriting guidelines, set licensing procedures, address financial matters related to solvency issues, or perform any of the standard functions now performed by State regulators. As the Fair Housing Act requires, HUD presently investigates complaints of unlawful discrimination that violate the act in the provision of property insurance, enforces the act as it applies to insurance, and has promulgated regulations that apply the act's prohibitions against discrimination to property insurance. Nor do the actions of HUD duplicate laws and regulations of the States that address unfair discrimination in property insurance, as asserted. The fact is that while most State insurance codes address issues pertaining to unfair discrimination, these State insurance laws generally lack the scope of protection of the Fair Housing Act: For example, the private right of action in the Federal courts; a HUD investigation to determine if there is reasonable cause to believe a violation has occurred; or a right to damages and representation by the Federal Government in an administrative hearing or in a Federal court.”