Washington
President Barack Obama signed financial services reform into law last week, setting in motion an intense effort by interested parties to shape the regulations and government bodies that will implement the legislation to their liking.
For insurers, H.R. 4173–the Dodd-Frank Wall Street Reform and Consumer Protection Act–generally retains state regulation of insurance, while giving federal financial regulators authority to prevent future market meltdowns by forcing prompt corrective action and, in a pinch, a federal takeover of failing institutions (including insurers) deemed to constitute a potential systemic risk.
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