Washington
State regulators, legislators and even a consumer advocate group expressed alarm last week over efforts in Congress to usurp some insurance oversight power, warning that federal lawmakers are going too far in preempting local authority over the industry.
In a letter to all members of the House of Representatives, Therese Vaughan, chief executive officer of the National Association of Insurance Commissioners, said the latest draft of legislation creating a Federal Insurance Office constitutes "a significant shift of authority from the states to the federal government," and should be modified.
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