It’s an argument that’s raged for 150 years; and here it comes again. Two members of the House of Representatives plan to introduce legislation today to establish a system of federal regulation for insurers, according to Business Insurance.
An early outline of the bill, the magazine writes, calls for a national insurance office to set guidelines for national insurers and oversee their financial and market conduct. The bill would also set up a national guaranty corporation for insurers if a state guaranty association does not provide policyholders a level of protection equivalent to the model standards of the National Association of Insurance Commissioners.
Leigh Ann Pusey, president of the American Insurance Association issued a statement earlier today regarding the proposal: