NU Online News Service, May 3, 10:33 a.m. EDT--An influential New York state senator has sent Congress a white paper, supported by a national legislators group, with a detailed analysis of how the proposed federal SMART Act will damage insurance regulation.
The critique of the State Modernization and Regulatory Transparency Act, which sees dire consequence from a reduction in state funds, was sent last month by Sen. William J. Larkin Jr., R-New Windsor, to the heads of House committees involved with SMART.
While his letter to Rep. Michael G. Oxley, R-Ohio, chair of the Financial Services Committee and Rep Richard Baker, R-Louisiana, chair of the Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises, is conciliatory his paper finds SMART will diminish his "state's ability to protect its citizens."
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