WASHINGTON--Legislation proposed by Sen. Chris Dodd, D-Conn., would give specific authority to federal banking regulators to oversee insurance companies, especially if they pose a potential threat to the financial system.
The bill unveiled today is similar to one proposed by Sen. Dodd in December. It would also create a federal Office of National Insurance and includes provisions modernizing and streamlining regulation of the surplus lines and reinsurance industries under state regulation.
Sen. Dodd said he hopes to start committee action on the bill next week.
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