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What's Going On: The battle over insurance regulation heats up

AS SUMMER heats up, so does the debate over insurance regulation. At its heart is the State Modernization and Regulatory Transparency Act, which can be seen as an attempt to bridge the gap between those who wish to preserve state insurance regulation

By George F. Williams | Updated on June 30, 2005

AS SUMMER heats up, so does the debate over insurance regulation. At its heart is the State Modernization and Regulatory Transparency Act, which can be seen as an attempt to bridge the gap between those who wish to preserve state insurance regulation and those who want to see a major regulatory role given to the federal government. Not surprisingly, neither camp is particularly satisfied with SMART, and whether those in the middle defending it can carry the day remains to be seen.

At this point, SMART exists as draft legislation in the Capital Markets Subcommittee of the U.S. House Financial Services Committee. But Committee Chairman Michael Oxley (R-Ohio) and Subcommittee Chairman Richard Baker (R-La.) are said to be intent on getting a bill introduced before the August congressional recess. To that end, the subcommittee last month held a hearing. Among those testifying was Diane Koken, president of the National Association of Insurance Commissioners, not surprisingly a strong defender of state regulation.

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