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WASHINGTON–Legislation was introduced in the Senate today to create a parallel, federal system of regulation and supervision for insurers as well as agents and brokers that is similar to the dual banking system.

The bill was introduced by Sen. Tim Johnson, D-S.D., and Sen. John Sununu, R-N.H., and is based on legislation introduced by the two in the last session of Congress. The reaction from insurers’ groups was mixed.

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