A resolution opposing the federal State Modernization and Regulatory Transparency Act (SMART) was approved by the Michigan House Insurance Committee last week and is expected to receive full House approval within the next two weeks.
The resolution was co-sponsored by all 57 House Republicans and some Democrats.
House Insurance Chair Joe Hune, an active member of the National Conference of Insurance Legislators, did not take an official position on the resolution. NCOIL has encouraged its members to pass resolutions in opposition to the SMART Act.
According to the National Association of Mutual Insurance Companies, some congressional observers believe Senate debate of optional federal charter legislation will take precedence over deliberation of the SMART Act this year.
Source: National Association of Mutual Insurance Companies
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