For decades, there has been talk of creating a federal insurance regulator. The industry remains split on the issue, with the life industry generally in favor of federal oversight, but with property-casualty trade groups representing both insurers and producers at odds over the question.

The idea was to create an “optional” federal regulator and let insurance companies choose, much as banks do, who would supervise their operation. Presidential administrations and many Congresses have come and gone, and the debate continued.

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