An insurance oversight system that would have a centralized federal regulator handling some lines of business, while state insurance commissioners maintain control over others, was suggested here by a member of a professional liability firm.
Indeed, carving out professional liability and other commercial lines for deregulation or centralized regulation could be preferable to an optional federal charter, Leib Dodell, president and chief executive officer of Media/Professional Insurance in Kansas City, Mo., said during the opening session of the Professional Liability Underwriting Society's annual conference.
Under optional federal charter legislation that has been proposed in Washington, insurers would agree to have all or no part of their business under the scrutiny of a federal regulator.
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