The Risk and Insurance Management Society Inc. said it will work to secure passage of recently introduced legislation that would create a dual federal-state system of regulation and supervision for insurers, agents and brokers.
Joining 10 other financial groups in expressing support, RIMS said it backs the efforts of Rep. Ed Royce, R-Calif., and Rep. Melissa Bean, D-Calif., who reintroduced “The National Insurance Act of 2007″ in the House of Representatives on Wednesday.
Under the bill, insurers and producers would both be free to elect federal or state regulation, charters and licenses, and states would maintain responsibility for regulating state-licensed insurers and producers.
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