Many executives who help insurers comply with regulations would prefer to see a single federal regulatory agency replace the current state-based system.
Staffers at the Insurance Marketplace Standards Association, Bethesda, Md., have published that finding in a summary of results from a recent survey of about 30 insurance company compliance officers who attended an IMSA compliance workshop.
About 69% of the participants said they would prefer federal regulation to state regulation, and 21% said they prefer the current state-based system.
The IMSA staffers also found that 54% of the survey participants work for insurers that are prohibiting use of senior designations.
About 95% of the participants said the role of compliance is valued within their organizations, but 31% told IMSA they feel their organizations lack adequate compliance resources.