WASHINGTON–A key senator told a gathering here of an insurance agents organization that he favors a more state-based approach to modernize their industry over a rival optional federal charter measure.
Sen. Mark Pryor, D-Ark., made his comments at a session of the 2006 National Legislative Conference & Convention of the Independent Insurance Agents and Brokers of America.
The senator said he personally believes that a measure drafted in the House–the State Modernization and Regulatory Transparency Act (SMART)–is a “good, workable approach,” providing some sort of federal framework for involvement in insurance regulation, but one in which the federal government works to “force states to be more uniform” in their regulation but leave the states in actual charge.
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