Return to Article: Lawmaker pushes insurance office as part of financial regulatory overhaul

By Bill Swindell CongressDaily June 16, 2009
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    This legislation could be made better since it appears to have been drafted on a faulty premise. The faulty premise is that collection of information by the federal government is somehow regualtion. It is not and only lobbying by those from whom information is collected make that argument. So here's to much more information being collected on the business of insurance in the US and internationally. Also, the so-called McCarran-Ferguson Act of 1947 does not prohibit federal regulation of insurance but only prohibits that regulation to the extent regulated by the STATES. Interestingly, there is no unit of the federal government that has the slightest idea of how in fact the STATES are regulating the insurance business. No unit of the Excutive Branch assigned that function by law so no one does it. Thus, no one knows whether there are large gaps in the STATE regulatory system or not. In fact there are gaps starting with failure to hire actuarial and other technical staff to perform the regulatory function. I would argue the NAIC (National Association of Insurance Commissoners) is in fact performing what is an inherently governmental function of the Federal Government. Only the feds can regulate interstate commerce.

    William R. Cumming Posted June 17, 2009 8:45 AM

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Lawmaker pushes insurance office as part of financial regulatory overhaul
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