(Archived Content)
2006-7-18-7-53-26-27366
Treasury Under Secretary Randal K. Quarles testified today on modernizing the insurance industry before the Senate Banking, Housing and Urban Affairs Committee.
An important part of this debate is what should be the role, if any, of the federal government in insurance regulation, Quarles told the Committee this afternoon. While the state-based system has a number of potential merits – such as local knowledge of insurance market conditions and preserving local decision making over key aspects of activity within a particular state – it does raise a number of issues that need to be considered as financial markets evolve in this country and abroad.
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