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Congress To Act On Conduct Exams If States Dont: Oxley Washington

Congress may have to act unless the states take immediate steps to upgrade and rationalize oversight of market conduct in the insurance industry, the chairman of the House Financial Services Committee said.

“We will be discussing a number of short-term legislative proposals to fix the state system later this year, and hope that the states can act quickly and effectively in this case to protect consumers on their own before Congress needs to step in and provide additional impetus,” said Rep. Mike Oxley, R-Ohio.

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