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February 26, 2009 at 07:00 PM
A group of 16 House Democrats is calling for “modernizing the regulation and oversight of the insurance industry.”
The House “New Democrats” have included the insurance regulatory modernization plank in a broader plan.
The New Democrats say the federal government should have “adequate information” about insurance industry operations and activities, and create a “consolidated U.S. position in international trade discussions.”
The new insurance regulatory system also should provide robust consumer and investor protection, and the government should create a systemic risk regulator with authority to “monitor systemically important institutions and their counterparties to mitigate the risk of systemic collapse,” the New Democrats say.
