As I have been predicting for a long time, state insurance regulators were unlikely to remain silent for long in the face of efforts to federalize major parts of state insurance regulation. They’re talking now, and they’re mad.
Last week, Connecticut Insurance Commissioner Thomas Sullivan testified in Congress on behalf of the National Association of Insurance Commissioners. He said that federal regulation must not displace the current system of state regulation. Calling the proposed legislation a “regime change,” he said it would result in “redundant, overlapping responsibilities will result in policyholder confusion, market uncertainty, regulatory arbitrage and a host of other unintended consequences.” Read more »
*This blog post was originally published at See First Blog*