Washington–Testifying before a House Financial Services subcommittee today, former state insurance regulators offered a measure of support for the proposed State Modernization and Regulatory Transparency Act (SMART) that aims to standardize insurance industry regulation.
Several of the regulators took issue with the National Association of Insurance Commissioners' (NAIC) doomsday analysis that the proposed legislation incorporates "unacceptable levels of federal preemption that would create both legal and practical problems for the insurance industry and its customers."
Form Ohio Insurance Commissioner Lee Covington said preemption provisions in the proposed legislation are only a "last resort."
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