Feds Edging Closer To Insurance Oversight SMART bill would establish federal standards for state regulators to follow

Congress began development of a so-called “road map” this year to modernize and standardize insurance industry oversight while leaving the day-to-day burden of regulation in state hands.

The State Modernization and Regulatory Transparency, or SMART Act, was developed by U.S. Reps. Mike Oxley, R-Ohio, who chairs the House Financial Service Committee, and Richard Baker, R-La., who heads the House Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprise.

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