Congressman Paul E. Kanjorski, D-Pa., chairman of the House Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises, will hold a hearing today on the need for insurance regulatory reform .
This hearing will be the first in a series regarding insurance regulatory reform issues.
Among the issues to be covered is whether insurance should remain largely regulated by states or if more federal government oversight is needed.
Also at issue is what states are doing to modernize the current system of state regulation.
“The insurance regulatory structure has remained relatively constant throughout our nation’s history, but nearly all interested parties now agree that some sort of regulatory reform is appropriate given global competitiveness, market pressures, and consumer demands. This hearing will explore why there is a need for insurance regulatory reform,” said.
Those expected to testify include Walter Bell, Alabama insurance commissioner and president of the National Association of Insurance Commissioners; John Bykowski, SECURA Insurance ; Christopher M. Condron, AXA Equitable Life Insurance Co.; Albert R. Counselman, , RCM&D Inc.; William H. McCartney, United Services Automobile Association (USAA); and. Alex Soto, InSource Inc., who is president of the Independent Insurance Agents and Brokers of America..