Direct insurance regulation is likely to remain a state ratherthan federal function, Illinois Insurance Director Michael McRaithpredicts.
"State insurance regulation is under attack, but an optionalfederal charter won't happen," Mr. McRaith said in his recentkeynote address here at the National African-American InsuranceAssociation's annual conference.
Mr. McRaith admitted that in handling interstate licensing–whichhe characterized as a frequently burdensome and duplicativeprocess–state regulators "could do it better." But he defended thestate regulatory system as making the most sense for a product thatis designed and sold to address a local need.
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