WASHINGTON - (05/27/05) -- CUNA Mutual Group has joined a groupof national insurance companies lobbying Congress to create afederal regulatory structure and charter for insurers, who are nowgoverned by 50 different state regulatory systems. "The burden ofhaving to comply with rules from 56 separate (the states and U.S.territories) insurance regulators is too inefficient for companies,agents and consumers to manage, especially those whose interestsare national in scope," says a letter the group plans to send tocongressional leaders next week. Other members of the group arePrudential, Northwestern Mutual Life and New York Life InsuranceCo. Larry Blanchard, chief lobbyist for CUNA Mutual, said theeffort to create a national framework for insurance regulations issomething that has been going on for years but has gained momentumsince 9/11 when differences between individual states' insurancesystems came to light. "There are no standards from state-to-state.We deal in all 50 states; we have legal staffs in all 50 states. Asingle regulator would bring some efficiencies and bring ratesdown," Blanchard told The Credit Union Journal. "For companies likeus who deal in every state, it's a challenge, and very costly."Blanchard said they hope to work towards creation of a dualchartering system, like the one enjoyed by credit unions and banks,giving them the choice between a national charter or a statecharter. Legislation is currently being drafted that would repealthe 1945 McCarron-Ferguson Act which set up the state-by-stateregulatory system for insurers.
-
A team of ex-First Republic private bankers hopes to serve entrepreneurs who once worked with Silicon Valley Bank.
5h ago -
The National Credit Union Administration, operating with just one board member, has liquidated two credit unions that were recently put into conservatorship. The failures are the first credit union failures since Democrats on the board were fired, leaving Republican Chair Kyle Hauptman.
6h ago -
In a joint letter signed by over 50 bank trade groups, leaders in the banking industry urged regulators to revise bank regulatory thresholds upward to keep up with inflation.
6h ago - Yahoo Finance Feed
Dime Community Bancshares, which has added dozens of bankers over the past two years, is now ready to consider expanding its geography.
7h ago -
The conviction of a fraud ring mastermind highlights growing risks in home equity lines of credit as equity-rich borrowers become prime targets.
7h ago -
The Senate passed President Trump's tax and spending bill Tuesday, but questions around Consumer Financial Protection Bureau funding, 1071 delay and remittance taxes remain as GOP leaders scramble to pass the bill out of the House before Trump's July 4 deadline.
7h ago