WASHINGTON–The most important factor in regulation of the property-casualty insurance industry is effective enforcement, not whether it is a state or a federal oversight system, a consumer advocate told Congress yesterday.
The comments came from J. Robert Hunter, insurance director for the Consumer Federation of America, during testimony before a subcommittee of the House Financial Services Committee on insurance regulatory issues.
Viewpoints of others who spoke before the Capital Markets Subcommittee ran the gamut from support of continued state regulation, advocated by representatives of the National Conference of Insurance Legislators (NCOIL) and the Cincinnati Insurance Companies, to calls for an optional federal charter from Zurich insurance and the Financial Services Roundtable.
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