Place Your Bets: Federal Insurance Regulation … Or Not?
Members of the National Association of Insurance Commissioners (NAIC) have been patting themselves on the back, secure in the fact that they have once again beaten back attempts to put in a federal agency to oversee their multi-trillion-dollar industry. In Chicago yesterday, Illinois Insurance Director Michael McRaith told an industry gathering that while “State insurance regulation is under attack … an optional federal charter won’t happen.” State regulators naturally oppose any attempt to limit their power. McRaith spoke on the same day that a House committee voted on an amendment to exempt insurance companies and products from federal oversight. The amendment was part of legislation to create a U.S. Consumer Finance Agency. But the commissioners shouldn’t whoop it up too…
0 Comments