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Oxley: State Rules Must Change Or Feds Take Over

A key congressman warned an insurance industry conference this week that unless states move to cut red tape and create uniformity for the insurance ...

By Caroline McDonald | Updated on March 11, 2005

A key congressman warned an insurance industry conference this week that unless states move to cut red tape and create uniformity for the insurance sector, the push for a federal takeover will increase at the capitol.

Rep. Michael Oxley, R-Ohio, chairman of the House Financial Services Committee, said although he supports the system of state insurance regulation, if progress is not made and reasonable reforms are not implemented, “supporters of federal regulation will continue to gain strength in Washington.”

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