The chairman of the Senate Banking Committee unveiled an omnibus financial bill that would require a study of ways to modernize insurance regulation and creation of an Office of National Insurance.
As president of the National Conference of Insurance Legislators (NCOIL), an organization of state lawmakers dedicated to sound insurance public policy, I know first-hand the benefits of state regulation for insurance consumers.
Competitive Enterprise Institute, the Washington-based conservative think tank, said it has launched a Web site centered on government regulation in the insurance industry.
Independent agents at a conference here heard Sen. Jon Tester, D-Mont., voiced strong support for state insurance regulation today while Republican legislative speakers discussing health care, said reforms should avoid overregulation.
Reasons for supporting state regulation of insurance voiced by some governors don't withstand detailed scrutiny, officials at several Washington conservative think tanks said in a letter to congressional leaders.
Rep. Jackie Speier, D-Calif., is scheduled to address the National Association of Professional Insurance Agents next month on the downside of federal regulation, the organization said.
The head of W.R. Berkley Insurance Co. testifying at a Senate hearing on the future of insurance regulation voiced support for creation of a "independent" federal insurance regulator as the best means of regulating property-casualty insurance.
Rep. Melissa Bean, D-Ill., and Rep. Ed Royce, R-Calif., chief sponsors of the measure, said the bill would be different from prior drafts because it would call for tough protections for consumers and