Oxley Writes Treasury About Patriot Act Regs

"The commensurate requirements placed on underwriters and agents of these products should be correspondingly less," Oxley writes.

Indeed, he says, where an agent, broker or company does not accept cash or cash equivalents in unusually large amounts, imposing the full requirements of the Patriot Act would be an unnecessary burden.

It is important, Oxley says, that Treasury consult and coordinate with state insurance commissioners and the National Association of Insurance Commissioners, Kansas City, Mo.

"A two-way dialogue between the insurance regulators and the Treasury Department would help educate both sides to best determine the appropriate level of required regulation," Oxley says.

Oxley expressed similar views about the Patriot Act in a speech delivered at a recent Independent Insurance Agents of America legislative conference.