Despite the spirited and well-organized defense of state regulation in recent weeks displayed by National Association of Insurance Commissioners officials, the near failure of American International Group means one certainty here in Washington–federal oversight is coming.
It is unclear whether the model will be legislation proposed in both the House and Senate to create an optional federal charter for insurers, or some umbrella federal oversight on top of the current state-based system, but Uncle Sam is coming.
According to industry lawyers who insist on remaining anonymous, several recent events give strong hints as to what's ahead.
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