Insurance intelligently Sets Framework Bill debate

Copyright 2009 Crain CommunicationsAll rights reserved Business Insurance

16 February 2009

OPINION; Pg 8

192 words


Insurance intelligently Bill sets the framework debate



We do not yet know the details of the reform of insurance regulation that the bill Reps. Melissa Bean, D-Ill., And Ed Royce, R-Calif. Plan to implement, but we all even acknowledge the fact that they will drop into the hopper and sooner rather than later.

Almost everyone agrees that one result of the financial crisis will be greater federal involvement in the regulation of insurance, if somewhat indirectly through the regulation of systemic risk, or directly through federal charters . Congressional leaders made clear that determining the best way to address the systemic risk has priority over the issues specific to the industry, and this is how it should be.

But getting a bill before insurance regulatory reform legislators early in the session, Reps. Royce and Bean would like to assure you that there is a debate, once Congress has addressed systemic risk.

We can not and will not approve what we have not seen, but we can approve the launch of this Congress, the debate on the federal role in regulating insurance as soon as possible. Whereas the role will take time and more time to do so, the better.

20 February 2009

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