House May Move Fast On Regulatory Reform

A markup is a formal session at which a quorum must be present and where members vote on whether to approve legislation.

This would place insurance regulatory reform on a much faster track than many industry lobbyists have expected.

At the end of 2003, the general belief was that Baker's subcommittee would continue to hold hearings on insurance regulate on and probably release a discussion draft of a reform bill towards the end of the session. There was little speculation that the subcommittee would have a markup this year.

But one lobbyist, who asked not to be identified, notes that the subcommittee already has conducted many hearings and meetings on insurance regulation. He says the subcommittee has a voluminous record.

It is hard, he says, to see what would be the point of having further hearings, unless the subcommittee is ready to advance a bill.

The principles being developed by the subcommittee are likely either to require the states to adopt certain uniform practices in areas such as speed-to-market and market conduct, or to create incentives for states to establish uniformity.