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June 11, 2002 at 08:00 PM
NU Online News Service, June 11, 5:35 p.m. – The American Council of Life Insurers, Washington, sent its chairman, Joseph Gasper, to Capitol Hill today to testify for a “federal chartering option.”
Option proposals would give insurers a choice of accepting federal regulation or continuing to operate under state regulation.
Critics, including many state insurance regulators and consumer advocates, argue that state insurance departments do a better job of keeping tabs on insurers than a large federal agency could do.
But Gasper told the House Financial Services subcommittee on capital markets, insurance and government-sponsored enterprises that the current system creates unnecessary delays that hurt consumers as well as insurers.
