WASHINGTON–Members of the Senate Banking Committee at a hearing today voiced deeply divided opinions as to what steps–if any–they should take to improve insurance regulation.
At the hearing on insurance regulation reform Sen. Richard Shelby, R-Ala., chairman of the committee, questioned Alessandro Iuppa, representing the National Association of Insurance Commissioners, about the ability of regulators in all states to regulate such complex financial products as derivatives, for example.
Taking a different tack, Sen. Paul Sarbanes, D-Md., the ranking minority member, had questions about overriding of state consumer protection and rates and form regulations that is proposed in legislation before the committee.
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