Frank Aide Warns Of Federal Insurance Oversight

Glassic made his comments during a briefing on the committee’s activities at the spring meeting of the National Conference of Insurance Legislators held here. He urged the legislators “to get involved” in the development of a new regulatory scheme for insurance.

He declined to provide specifics, but he mentioned federal regulation of reinsurance as one possibility that may arise out of legislation.

Glassic implied he would support a continued strong state role in regulating insurance activities. “There is no point in not leveraging the current system” in any insurance regulatory scheme that develops, Glassic said, noting that the states “have a pretty effective consumer protection system.”