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