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Federal Regulation Bill Draws Opposition

In early April, two senators introduced a bill that would establish a federal program of insurance regulation that would operate in conjunction with the current state-based system.

By staff Writer | Updated on April 25, 2006

In early April, Senators John Sununu (R-N.H.) and Sen. Tim Johnson (D-S.D.) introduced a bill that would establish a federal program of insurance regulation that would operate in conjunction with the current state-based system.

Specifically, the act seeks to create a system of federal chartering, licensing, regulation, and supervision for insurers and insurance producers that is independent of the existing state system of insurance licensing, regulation, and supervision. Also, it would create a new government agency called the Office of National Insurance that would be funded by assessments imposed upon the insurance industry and would be led by a commissioner of national insurance.

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