The Bush administration’s financial services industry modernization blueprint will address “the important role that insurance can play in today’s interconnected financial markets.”

U.S. Treasury Secretary Henry Paulson Jr. made that comment today here at the Chamber of Commerce Capital Markets Summit.

The administration has been working on a “Blueprint for Regulatory Reform” for months.

Paulson did not say when exactly the administration will release a draft.

The administration will propose a financial regulatory framework “which we believe will more effectively promote orderly markets and foster financial sector innovation and competitiveness,” Paulson said.

Paulson said the near failure of Bear Stearns & Company Inc., New York, underscores the need for the government to apply the same kind of oversight to investment banks that it now applies to commercial banks.

”This latest episode has highlighted that the world has changed, as has the role of other nonbank financial institutions and the interconnectedness among all financial institutions,” Paulson said.

The problems will require all players in the markets to think more broadly about a regulatory and supervisory framework that is consistent with the promotion and maintenance of financial stability, Paulson said.