Reacting to yesterday's introduction of a Senate bill toestablish federal licensing of insurers and producers, stateregulators and legislators questioned how such a measure will helpconsumers and improve state insurance regulation.
The optional federal charter proposal titled the NationalInsurance Act of 2006 was unveiled by Senators John Sununu, R-NH,and Tim Johnson, D-SD.
National Conference of Insurance Legislators immediate pastpresident State Rep. Craig Eiland, Galveston, Texas, said NCOILwill “completely and fully oppose it. It is not a consumer-drivenbill but a bill drafted by the industry, for the industry.”
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