I just got back from a vacation in Las Vegas, and even though I am not a big gambler, it's hard to forget the sights and sounds of the casinos. Maybe that's why I heard slot machine bells gleefully chiming as the insurance industry hit the proverbial jackpot with the final version of financial services regulatory reform legislation.

Sure, there are some disappointments for a select few within the business. Those who wanted a much stronger federal role in negotiating trade treaties involving insurance rolled snake eyes. And those who bet an optional federal charter could somehow be slipped into the bill early on lost their shirts as well.

However, you can't call this a total loss, since a great many insurers and agents were betting that Washington would be restrained in its ability to usurp state authority–both in terms of direct regulation of insurance, as well as in striking international deals.

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