A Treasury Department official declined last week to endorse any of the various proposals for federal involvement in insurance regulation, but acknowledged the regulatory challenges facing the industry and conceded that corrective action by Congress might be required.
In testimony before the U.S. Senate Banking Committee, Treasury Undersecretary for Domestic Finance Randal Quarles said his department has been "monitoring the developments of the various approaches to modernizing insurance regulation."
He said they had been examining proposals by the National Association of Insurance Commissioners, as well as bills being debated in Congress to either establish federal standards that would be enforced by states, or to create an optional federal charter framework.
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