A key congressman warned an insurance industry conference this week that unless states move to cut red tape and create uniformity for the insurance sector, the push for a federal takeover will increase at the capitol.
Rep. Michael Oxley, R-Ohio, chairman of the House Financial Services Committee, said although he supports the system of state insurance regulation, if progress is not made and reasonable reforms are not implemented, "supporters of federal regulation will continue to gain strength in Washington."
Mr. Oxley's comments came during a discussion of the proposed State Modernization and Regulatory Transparency (SMART) Act, at the Property Casualty Insurers Association of America annual meeting in Chicago. The session also heard Ernst N. Csiszar, PCI president and chief executive officer, speak in favor of SMART.
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
Already have an account? Sign In Now
© 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.