Consumers will be the big losers under an optional federalcharter regime for insurers, according to critics speaking at theNational Conference of Insurance Legislators summer meetingSaturday in Boston.
J. Robert Hunter, former Texas insurance commissioner andcurrently insurance director for the Consumer Federation ofAmerica, told a forum on the topic that "state regulation itself ispretty weak, but there are some states that are doing a pretty goodjob, most notably California."
At the NCOIL forum, backers of the bill such as American Councilof Life Insurers chief counsel Gary Hughes and J. Kevin McKechnie,associate director of the American Bankers Insurance Association,said the measure was needed to offer large carriers optimalefficiency that a 50-state system could not provide.
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