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Skepticism in the U.S. Senate On Federal Insurance Regulation

We are beginning to get indications of opposition in the U.S. Senate to federal insurance regulation, notably from some Democrats. In a speech last week,...
May 5, 2009

We are beginning to get indications of opposition in the U.S. Senate to federal insurance regulation, notably from some Democrats. In a speech last week, Sen. John Tester (D-Mt.) said insurance does not need a federal overhaul because state regulators have played a "critical role" in ensuring that the fate of other financial institutions did not befall insurers. He said his time as a state legislator taught him how effectively state regulators can oversee the insurance industry. And in a meeting with PIA National last week, Sen. Ben Nelson (D-Neb.) told us he supports state regulation of insurance. Nelson is a former Nebraska insurance commissioner and former official with the National Association of Insurance Commissioners (NAIC).