NU Online News Service, April 1, 2004, 5:33 p.m. EST – Current members of Congress are not the first who have thought about the possibility of expanding federal insurance oversight.[@@]
President Theodore Roosevelt and other officials championed the cause of federal insurance regulation in the early 1900s.
Here is an excerpt from an article about the topic reprinted from the Feb. 26, 1903, issue of National Underwriter’s old Western Underwriter edition:
New York ? (Special) The persistent work put in by prominent life insurance interests in behalf of national regulation was not without its effect, although the plans as originally outlined miscarried. In the legislation adopted by Congress, establishing a department of commerce and labor, the subsidiary “bureau of corporations” is granted some degree of oversight of insurance companies?.
The final draft of the bill establishing the department of commerce indicates that some very skillful and efficient work was performed at the last moment by those interested in the insurance phase of the question.
Sentiment Has Steadily Grown