WASHINGTON--U.S. Representatives preparing legislation to create a federal insurance regulator have disclosed that the measure will call for supervision of nationally registered insurers, agencies, and producers.
States would still maintain responsibility for regulating state licensed insurers, agencies and producers even as the act created a national system of regulation and supervision for insurers, agencies, agents and brokers that chose to be nationally registered.
The outline was provided last night at the request of The National Underwriter. Staff for sponsors Rep. Melissa Bean, D-Ill., and Ed Royce, R-Calif said the bill would be introduced in the House when Congress returns from the President's Day recess.
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