WASHINGTON--A new study paid for by two insurance trade groupsand a financial services organization says federal oversight wouldallow regulators to move more quickly on industry problems thanstate insurance departments.
The study by the Promontory Financial Group consulting firm inWashington also found that a federal insurance regulator wouldreduce the cost of regulation to the industry.
Promontory is headed by Eugene Ludwig a former comptroller ofthe currency. The study was funded by the American Council of LifeInsurers, the American Insurance Association and the FinancialServices Roundtable.
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