Federal legislation modernizing the insurance industry's oversight system and calling for an end to rate regulation will once again be introduced this spring in the House and Senate, although neither body's approach is likely to be passed anytime soon, congressional staffers say.
Indeed, those staffers attending the Third Annual Insurance Summit here last week voiced doubt that action on such legislation could occur this year. The huge differences in viewpoints voiced by those at the Summit indicate that bridging the gaps and broadening the role the federal government plays in insurance regulation--if any--could still be years away.
For example, industry lobbyists, congressional staffers and Rep. Paul Kanjorski, D-Pa., ranking minority member of the House Financial Services Committee's Capital Markets Subcommittee, all made clear that teeing the issue up for prompt action in the next Congress was all that was likely to be accomplished. That will include hearings on the issue before the Senate Banking Committee, a committee staffer said.
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