If congressional reaction is any indication, with some major players voicing reservations about reforms in insurance oversight proposed by the Bush administration last week, any change is likely to be evolutionary rather than revolutionary, a Treasury Department official indicated.
The official--who played a key role in coordinating the drafting of the report, but who remained anonymous under the rules of a background briefing for reporters--said the Treasury blueprint is "aspirational." In other words, Treasury hopes to see an evolution in financial services regulation in general, including insurance, over time.
Moreover, the official said the blueprint should not be seen as endorsing any particular piece of legislation. A number of insurance reform bills are circulating in Congress--some calling for an optional federal charter, while others would set national standards for states to follow.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
