Obama Advisers Want Federal Insurance Regulation

Law360, New York (January 15, 2009, 12:00 AM EST) -- The United States should establish a federal regulatory body for insurance companies as part of any major overhaul of the financial regulatory system, according to a report released Thursday by a major economic research group studded with advisers to President-elect Barack Obama.

“This framework of state, rather than national, laws and regulations has limited the degree and effectiveness of oversight of the capital market activities of large, complex affiliates of regulated insurance companies,” the report issued by the Group of 30 said.

The report, Financial Reform:...
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