Although insurance remains (for the moment) a state-regulated business, the spotlight has clearly shifted to Washington, where the industry is fighting to defend its limited antitrust exemption and extend its federal terrorism reinsurance backstop.
However, despite the many high-profile hearings staged by Congress to bash carriers these past two weeks, perhaps the biggest challenge was delivered by Rep. Barney Frank, D-Mass., who chairs the House Financial Services Committee.
Rep. Frank–aptly named, because he's always been a straight shooter–told backers of federal regulation within the insurance community to start considering the price they'd be willing to pay for Uncle Sam's involvement in terms of greater consumer protections.
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