NU Online News Service, Oct. 21, 2:14 p.m. EST
The current system of state insurance regulation stifles product innovation, limits customer choices, increases costs and inhibits the proper functioning of fully competitive markets, according to a report done for the Financial Services Roundtable's Cluff Research Fund.
The only way to make the industry more competitive is for Congress to establish a federal regulator with the ability to banish all overlap and inefficiency and to act as the first and last authority, according to the report.
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Elizabeth Festa
Elizabeth Festa is a longtime business and financial services reporter with a specialty in insurance regulatory and legislative coverage at the federal and state level. She is based in Washington, D.C.
