...mechanism establishing uniformity state insurance regulation is imperative.

Several of the regulators also took issue with the NAIC's doomsday analysis that the proposed legislation--the draft State Modernization and Regulatory Transparency Act--incorporates "unacceptable levels of federal preemption that would create both legal and practical problems for the insurance industry and its customers." In fact, said former Ohio Insurance Commissioner Lee Covington, preemption provisions in the proposed legislation are only "last resort."

SMART currently is being drafted by the House Financial Services Committee staff. The hearing was held by the Capital Markets subcommittee.

Rep. Paul Kanjorski, D-Pa., ranking minority member of the subcommittee, used the hearing to drum up support for an optional federal charter, especially for life insurance companies.

"Rather...

NOTE: All illustrations and photos have been removed from this article.



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