NU Online News Service, July 25, 3:32 p.m. EDT
Congress must maintain keen oversight to ensure that federal regulators don't use their new, albeit limited, authority over insurers to encroach on the proper role of state regulators, the president of an insurance trade group said at a House hearing yesterday.
Congress must exercise its authority and prevent the expansion of agencies created by the Dodd-Frank Act—such as the Federal Insurance Office and Office of Financial Research—so as reduce uncertainty of property and casualty insurers regarding who regulates them, Charles M. Chamness, president and CEO of the National Association of Mutual Insurance Companies said.
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