Between extreme views of maintaining the current system of 50-state regulation of insurance and entirely replacing it with a federal one, other speakers at last week's hearing before the Capital Markets Subcommittee of the House Financial Services Committee took the middle ground, proposing changes to the current system.
J. Robert Hunter, insurance director for the Consumer Federation of America, suggested that 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.
"America's insurance consumers, including small businesses, are vitally interested in high-quality insurance regulation," said Mr. Hunter, a former federal and Texas state insurance regulator. "I am sad to say, however, that the quality of insurance regulation is weak and declining throughout the nation today," he added.
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