The wide divide within the insurance industry between those who want to retain state regulation and others who prefer an optional federal charter was once again on vivid display last week, as a parade of association officials testified at a U.S. Senate hearing. Some in the industry seek a middle ground, with Washington setting national benchmarks for state oversight.
In defending state regulation, Steven Goldman, commissioner of banking and insurance in New Jersey, who testified on behalf of the National Association of Insurance Commissioners, told the Senate Banking Committee that "the current U.S. insurance regulatory scheme is strong, and our track record is regarded internationally as the benchmark by which other supervisory systems are measured."
Testifying on behalf of the Independent Insurance Agents and Brokers of America, Tom Minkler, an independent agent from New Hampshire, said it is important to maintain the consumer protection strengths of the state-based regulatory system while making needed improvements–specifically in the area of agent licensing.
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