Consumers will be the big losers under an optional federal charter regime for insurers, according to critics speaking at the National Conference of Insurance Legislators summer meeting Saturday in Boston.
J. Robert Hunter, former Texas insurance commissioner and currently insurance director for the Consumer Federation of America, told a forum on the topic that "state regulation itself is pretty weak, but there are some states that are doing a pretty good job, most notably California."
At the NCOIL forum, backers of the bill such as American Council of 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 optimal efficiency that a 50-state system could not provide.
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