WASHINGTON–In the latest reaction to a Senate proposal for partial federal regulation of insurance, a consumer group has blasted the measure as a giveaway and an industry group called for modifications.
The comments came following Wednesday's introduction by Sens. John Sununu, R-N.H., and Tim Johnson, D-S.D of an optional federal charter bill for insurers and producers.
Consumer Federation of America's Director of Insurance Robert Hunter called the Johnson-Sununu bill “a 'wish list' of regulatory giveaways promoted for years by large insurance companies that would be extraordinarily harmful to consumers.”
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