NU Online News Service, April 1, 2003, 11:35 a.m. EST – The federal government may impose a national regulatory scheme on the life insurance industry if states fail to develop consistent, uniform standards and regulations soon, according to Brian Atchinson, executive director of the Insurance Marketplace Standards Association, Washington.
Atchinson spoke last week in Hamilton, Bermuda, at the spring meeting of the National Association of Life Companies, Rosemont, Ill.
Atchinson predicted that a greater federal role could lead to new national standards that would be enforced by the states or to new federal standards that would be enforced by a federal agency based in Washington.
The industry would be better off if compliance responsibility shifts from state insurance departments back to the insurance companies, Atchinson said.
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
