WASHINGTON–Congress will insist on "more uniform, more national regulation" next year in the wake of American International Group's liquidity meltdown, a lawyer who heads an American Bar Association task force on insurance modernization says.
"I see some form of federal regulation, maybe not in all lines and in all areas of regulation, but I predict more strict financial regulation of insurers," said Fran Semaya, a partner at Cozen O'Connor in Philadelphia.
She chairs the ABA's Task Force on Federal Involvement in Insurance Regulation Modernization Task Force, a part of the ABA's Tort Trial and Insurance Practice Section. She is also president of the International Association of Insurance Receivers.
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