Direct insurance regulation is likely to remain a state rather than federal function, Illinois Insurance Director Michael McRaith predicts.
"State insurance regulation is under attack, but an optional federal charter won't happen," Mr. McRaith said in his recent keynote address here at the National African-American Insurance Association's annual conference.
Mr. McRaith admitted that in handling interstate licensing–which he characterized as a frequently burdensome and duplicative process–state regulators "could do it better." But he defended the state regulatory system as making the most sense for a product that is designed and sold to address a local need.
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