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Staff for US House Financial Services Committee Chair Mike Oxley and Capital Markets and Insurance Subcommittee Chair Richard Baker have just begun circulating for informal comment 300 - plus pages of text on a Federal insurance regulatory system. In 17 titles, the SMART bill (State Modernization and Regulatory Transparency Act) sets out a series of proposals intended to increase uniformity of insurance regulation and encourage greater competition. It does not propose a Federal charter option.
Of course, these goals require some trumping of individual state rules on entry and rate review in particular. State control over market conduct regulation would be less affected. The new regime would be coordinated by a state/Federal board, which would not have full rulemaking authority, but could issue opinions on various issues. The regime would be enforced through several mechanisms involving various bad consequences for jurisdictions which do not jump on the uniformity bandwagon.
The intent of the bill sponsors is to introduce the bill in September, possibly even holding a markup this year before the Congress adjourns. Although the bill will not pass this Congress, it will likely be the baseline for more focused discussion in early 2005 in the next Congress.
Of course, these goals require some trumping of individual state rules on entry and rate review in particular. State control over market conduct regulation would be less affected. The new regime would be coordinated by a state/Federal board, which would not have full rulemaking authority, but could issue opinions on various issues. The regime would be enforced through several mechanisms involving various bad consequences for jurisdictions which do not jump on the uniformity bandwagon.
The intent of the bill sponsors is to introduce the bill in September, possibly even holding a markup this year before the Congress adjourns. Although the bill will not pass this Congress, it will likely be the baseline for more focused discussion in early 2005 in the next Congress.