SMART Sparks Tough Talk, Not Action
The war of words between state regulators and Washington lawmakers over whether to establish federal standards for insurer oversight heated up this year–nearly reaching a boiling point–but there was far more talk than action by both sides.
Still, the specter of intervention by Uncle Sam hung like the sword of Damocles over the heads of state regulators, especially after New York Attorney General Eliot Spitzer showed up local insurance commissioners by policing the industry they were elected or appointed to oversee. Mr. Spitzer also called for an end to McCarran-Ferguson protections.
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