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.

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