Bill Seeks Federal Regulation For Insurance Industry

Law360, New York (April 1, 2009, 12:00 AM EDT) -- In an attempt to bring greater efficiency and oversight to the insurance industry, Reps. Melissa Bean, D-Ill., and Edward R. Royce, R-Calif., unveiled legislation in the U.S. House of Representatives on Thursday that would create a structured federal regulatory and supervisory system for insurance companies.

The National Insurance Consumer Protection Act would establish the Office of National Insurance within the U.S. Department of the Treasury, which would parallel the current state-by-state system of insurance oversight and regulation under a centralized national authority, in an effort to...
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