US insurance industry requires national regulator, says letter
Two US Representatives, Republican Ed Royce of California and Democrat Melissa Bean of Illinois have written to the FT claiming that the US must have a single insurance regulator.
They were critical of New York state regulator Eric Dinallo.
“For nearly 140 years, those with an interest in preserving the status quo have fought against regulatory modernisation to protect their bureaucracies. The lack of a national regulator, focused on the national economy, has proven costly,” they wrote.
“State regulators such as Mr Dinallo often choose to skate past the many disadvantages to consumers under the current system. Unnecessary duplication of regulation leads to billions of dollars of extra costs each year, ultimately borne by the consumer.”
