The federal government should help regulate the insurance industry, a consumer group representative and a law professor urged a U.S. Senate panel last week.
Travis Plunkett, legislative director of the Washington-based Consumer Federation of America, told the Senate Banking Committee that while CFA is in the midst of reevaluating its policies regarding insurance regulation, his group believes the "federal government should be the solvency/prudential risk regulator for all insurers."
This federal oversight office would also be a mechanism to monitor any systemic risk. "It is difficult to understand how a systemic regulator could function properly without the sort of understanding gained from total solvency/prudential analysis," Mr. Plunkett said.
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