WASHINGTON--A Treasury Department study of possible financial services reforms should recommend keeping insurance under state regulation, an insurance agents' group urged in a letter.
The Independent Insurance Agents and Brokers of America said it asked the Treasury to support keeping the current insurance system as it examines potential changes to the regulatory structure for U.S. financial services providers to enhance U.S. global competitiveness.
The July 13 IIABA letter to Secretary of the Treasury Henry Paulson is in response to calls by the American Insurance Association and the American Council of Life Insurance that the Treasury support creation of an optional federal charter to improve U.S. companies' position in the global marketplace.
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