WASHINGTON–A House committee is redrafting the proposed SMART Act insurance law to shorten it and give home-state regulators sole enforcement authority under standards set by Congress, the National Underwriter has learned.

The House Financial Services Committee's reworking of the State Modernization and Regulatory Transparency Act aims to substantially reduce its size and complexity, with some seeing it dropping from the current 300 pages to 60, sources told NU.

Backers hope to jump-start industry interest in the bill by making it less controversial, NU was told. They are also concerned that the moderate House approach to reform is being crowded out by optional federal charter legislation introduced last month by two members of the Senate Banking Committee.

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