WASHINGTON--A new study paid for by two insurance trade groups and a financial services organization says federal oversight would allow regulators to move more quickly on industry problems than state insurance departments.
The study by the Promontory Financial Group consulting firm in Washington also found that a federal insurance regulator would reduce the cost of regulation to the industry.
Promontory is headed by Eugene Ludwig a former comptroller of the currency. The study was funded by the American Council of Life Insurers, the American Insurance Association and the Financial Services Roundtable.
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