NU Online News Service, May 3, 10:33 a.m.EDT--An influential New York state senator has sentCongress a white paper, supported by a national legislators group,with a detailed analysis of how the proposed federal SMART Act willdamage insurance regulation.

The critique of the State Modernization and RegulatoryTransparency Act, which sees dire consequence from a reduction instate funds, was sent last month by Sen. William J. Larkin Jr.,R-New Windsor, to the heads of House committees involved withSMART.

While his letter to Rep. Michael G. Oxley, R-Ohio, chair of theFinancial Services Committee and Rep Richard Baker, R-Louisiana,chair of the Subcommittee on Capital Markets, Insurance, andGovernment Sponsored Enterprises, is conciliatory his paper findsSMART will diminish his "state's ability to protect itscitizens."

Continue Reading for Free

Register and gain access to:

  • 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

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.