Close Close
Sign In
Newsletters
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards
Podcast Center Video Center Webcasts Resource Center Events
About ThinkAdvisor Contact Us Advertise With Us Asset & Logo Licensing Sitemap Terms of Service Privacy Policy Copyright © 2024 ALM Global, LLC. All Rights Reserved.
ThinkAdvisor

Regulation and Compliance > Federal Regulation

House To Get Federal Regulation Bill

By Staff Writer

X
Your article was successfully shared with the contacts you provided.

Advocates of major changes in the U.S. insurance regulatory system are about to unveil the House version of legislation that would let carriers choose between state and federal oversight.

Sen. John Sununu, R-N.H., one of the sponsors of the Senate version, today said Reps. Ed Royce, R-Calif., and Paul Kanjorski, D-Pa., are preparing to introduce an optional federal charter bill in the House.

Sununu made his comments in a speech at a meeting of the Property Casualty Insurers Association of America, Des Plaines, Ill.

Representatives for Royce and Kanjorski were not immediately available to comment on Sununu’s comments about the House optional federal charter bill.’

Sununu said he believes House lawmakers should introduce a bill with a broad focus and not try to limit access to the federal regulatory system to life insurers.

Sununu suggested that parties other than Royce and Kanjorski might be trying to encourage those lawmakers to limit the scope of the House OFC bill.

Pushing for the introduction of a narrow bill “suggests that the goal is just to get something passed, rather than a framework that works for thousands of consumers and the industry,” Sununu said.

Creating a federal regulatory system is important because of the increasing scale of the insurance industry, which stretches across national borders as well as state lines, Sununu said.

Sununu acknowledged that getting his bill, which he introduced with Sen. Tim Johnson, D-S.D., passed will be a marathon rather than a sprint, but he said the bill will provide “a good platform for discussion in hearings of the Banking Committee that will take place this year.”

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.