Advocates of continuing state regulation for the insurance industry have a strong ally in one of Maine's U.S. senators, who told an agent group here she opposes an optional federal charter for carriers and producers.

“I believe the present system of state regulation largely works. The answer is not to disrupt that system by concentrating more power in Washington, D.C.,” Sen. Susan Collins, R-Maine, told the Independent Insurance Agents and Brokers of America Legislative Conference and Convention.

Sen. Collins–who for five years headed the state's Department of Professional and Financial Regulation, which oversees Maine's Bureau of Insurance–said she, unlike the majority of members in Congress, understands the industry and believes most states handle regulation “quite well.”

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