In seeking comments from the property- casualty industry on what insurance regulation should look like in the United States, the Treasury Department laid bare a rift between those seeking to maintain the current state-based system and proponents of a federal oversight option.
The Treasury asked the industry to provide its views in connection with a review of the regulatory structure for insurers--part of a broader initiative to prepare a blueprint for an improved U.S. financial regulatory structure.
In comment letters submitted on the issue, some insurance trade groups voiced support for an optional federal charter approach, while others such as the Independent Insurance Agents and Brokers of America, endorsed a "vital but limited federal legislative role to modernize the state regulatory system to overcome obstacles that currently exist."
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