Two consumer watchdog groups roundly criticized insurance regulators for considering a loosening of personal lines insurance regulations, which the organizations said would only benefit insurers.
The Consumer Federation of America and the Center for Economic Justice jointly released a report criticizing portions of a National Association of Insurance Commissioner's working group report that they said would do little to improve regulation of the lines.
The 44-page analysis said the working group report would prod states "to move toward less regulatory oversight of personal lines insurance, using the euphemism of 'more competitive regulatory framework' because of the glaring failure of deregulation and 'principles-based' regulation of insurance and financial markets and because the conclusion is unsupported by the narrative of the report."
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