Insurers Urge Senate To Create Federal Regulator

Law360, New York (March 17, 2009, 12:00 AM EDT) -- One day after President Obama vowed to block American International Group Inc.'s plan to pay out $165 million in executive bonuses, members of the Senate Banking Committee met with insurers to discuss the creation of a federal regulator for the insurance industry.

As part of a series of Senate hearings conducted this month to discuss how to modernize the nation's financial system in the wake of the financial crisis, Tuesday's meeting focused on revamping the regulation of insurance companies, which are currently regulated on the state...
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