PIA: Insurance Regulatory Reform Will Take Years, More Than One Bill
As the year drew to a close and members of Congress started to think about adjournment, an influential senator introduced a bill to reform insurance regulation. The bill was intended as a starting point for discussion of various proposals circulating in the industry.
It called for an optional federal system, in which an insurer would be given a choice of being regulated under a state or a federal charter. If a federal charter were chosen, the insurer would then be exempt from state regulation and subject to federal standards.
The year was 1976, and the bill was introduced by former Sen. Edward Brooke, R-Mass.
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