A simple show of hands — do you like the way the insurance industry is currently regulated?

Do you want to keep power in the hands of the states, move to a more centralized Federal oversight, or leave it as is?

Well, if you want regulation, you’ve got it. Or, at least, you’ve got it coming.

According to an incendiary editorial column published in the Madison, WI-based The Capital Times, change could be on the way.

“There’s a bill edging its way through the House that would allow the nation’s big insurance corporations to actually choose who would regulate them – state governments that have regulated them for a century or a new federal insurance regulator that the legislation would create,” according to the editorial.

“Most states, Wisconsin among them, long ago adopted tough and effective regulations that govern how insurance companies operate within their borders and contain safeguards for the insurance consumer,” writes the Times. “California, for example, strengthened its law in 1988 to provide oversight on the premiums auto insurers charge. It is estimated that has saved motorists an average of $133 per year.

Is change the way to go? Or should this bill go the way of the dodo?

As if 151A wasn’t enough to chew on …