Senators Oppose Fed Regulation
Wednesday, June 27th, 2001 Legislation & Regulation Life & HealthTwo members of the U.S. Senate—a Republican and a Democrat—told insurance agents that they would oppose any attempt to establish federal regulation of insurance. Speaking before the annual legislative conference of the Independent Insurance Agents of America, Sens. Bill Nelson, D-Fla., and Rick Santorum, R-Pa., said that any needed reforms can be accomplished at the state level. Sen. Nelson, who is the former insurance commissioner of Florida, said that federal regulation is going to become an issue. He cited the recent draft proposal for optional federal chartering developed by the Washington-based American Council of Life Insurers. "Right now, they are hell-bent for federalization," Sen. Nelson said of ACLI. "You’re going to have some fights," he told agents. "And we’re going to have to work together to protect your interests."
