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."

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