Federal Insurance Bill Pending

A bill to federalize the regulation of insurance may be introduced in the U.S. House of Representatives as early as next week. In a conference call, Reps. Ed Royce (R - Calif.) and Melissa Bean (D - Ill.), sponsors of the National Insurance Consumer Protection and Regulatory Modernization Act, said the bill would create a national insurance regulator who will work with a pan-industry systemic risk regulator to better protect the financial system.

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