A House bill to be introduced before month's end that would create a federal regulator for insurance companies and producers who wish to be supervised by Washington will allow the market to set personal lines rates, according to an outline of the legislation acquired last week by National Underwriter.
The bill is expected to be introduced in the House when Congress returns from the President's Day recess, according to staffers for the authors of the legislation–Rep. Melissa Bean, D-Ill., and Ed Royce, R-Calif.
Under the National Insurance Consumer Protection and Regulatory Modernization Act, "national insurers will be able to set rates at actuarially sound prices," the outline noted.
Continue Reading for Free
Register and gain access to:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
