National Insurance Act of 2007

[AI summary unavailable — showing source text] National Insurance Act of 2007 - Establishes in the Department of the Treasury an Office of National Insurance (ONI), headed by a Commissioner of National Insurance, with Divisions of Insurance Fraud and of Consumer Affairs, and an Office of the Ombudsman. Authorizes the Commissioner to supervise, regulate, and provide for registration of insurance self-regulatory organizations. Requires the Commissioner to supervise national insurers and national agencies, including chartering and licensing. Removes them, as well as federally licensed insurance producers, from state oversight of insurance business practices. Authorizes the Commissioner to provide for the organization, operation, and regulation of National Insurance Companies and National Insurance Agencies, including U.S. branches of non-U.S. Insurers. Requires national insurers to obtain a federal license. Provides for conversion of state insurers to national insurers or state insurance agencies to national agencies, and vice versa. Prescribes requirements for national life insurer product regulation, including mandatory election for either national or state participating policy procedures governing a national life insurer in mut…