Insurers deserve freer rein over their operations and protection against terrorism, but, under normal conditions, they need to take responsibility for their own solvency.[@@]
Rep. Richard Baker, R-La., chairman of the U.S. House Financial Services Subcommittee on Capital Markets, delivered that message here Thursday at a luncheon.
Baker promoted the State Modernization and Regulatory Transparency Act, a bill that Baker has drafted along with House Financial Services Committee Chairman Michael Oxley, R-Ohio.
The SMART Act will “enhance market function while stopping short of a true federal charter,” Baker said.
Property-casualty insurers want lawmakers to attack state price controls.