INSURANCE: Bill pushing federal regulator on horizon
Two members of Congress last month said they plan to introduce legislation that would mandate federal regulation of the insurance industry.
Two members of Congress last month said they plan to introduce legislation that would mandate federal regulation of the insurance industry. As outlined by Reps. Melissa Bean, D-Ill., and Ed Royce, R-Calif., the bill would create an office of national insurance to set guidelines for national insurers and oversee their financial and market conduct. The measure also would incorporate model laws from the National Association of Insurance Commissioners. The legislation is expected to be introduced soon.
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