Howdy, Partner!Here in Hoboken, I could almost hear the sighs of relief from the other side of the Hudson River as state regulators meeting in Manhattan received assurances from a key member of Congress that their jobs were safe at least for now.

Rep. Michael Oxley, R-Ohio, who chairs the House Financial Services Committee, does not intend to preempt state insurance regulation anytime soon. Instead, members of the National Association of Insurance Commissioners said that he envisions a "full federal-state partnership," with locals continuing to do the heavy lifting.

Rep. Oxley left the Beltway to deliver the good news to state regulators personally, telling a Commissioners Roundtable during the NAIC's spring meeting in New York that his committee would not call for an optional federal charter or create a federal regulator. That was music to the ears of NAIC attendees, who were sweating over whether Congress would pull the rug out from under them by establishing a dual regulatory system.

Recommended For You

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
NOT FOR REPRINT

© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.