NU Online News Service, May 18, 3:20 p.m. EDT, Washington–The head of the Congressional panel drafting insurance modernization legislation has written the nation's insurance regulators saying he won't confer with them on the measure until they offer more than criticism.
Rep. Richard Baker, R-La., chairman of the House Capital Markets Subcommittee, sent his comments to the National Association of Insurance Commissioners' leadership in a letter dated May 16.
Mr. Baker wrote that since the only thing the NAIC could provide the committee with was a categorical denunciation of his panel's work on the State Modernization and Regulatory Transparency Act (SMART), he didn't think it would serve any purpose for the committee leadership to meet with NAIC officials until they submitted their own reform proposal.
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