Moves in the US senate to allow insurers to opt for a federal regulator, rather than the current 50-state system, have divided the sector with detractors arguing that instead of slashing the costs of compliance it will instead bring in federal control by the backdoor.
The bill, proposed by senators Tim Johnson and John Sununu, would establish an optional federal charter for insurers operating in several states - replacing the current system whereby financial regulation is conducted by the
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