More on Federally Imposed Insurance Deregulation
A.M. Best's News for Draft Regulatory Overhaul Draws Praise From Insurance Groups The article provides some more detail on the State Modernization and Regulatory Transparency (SMART) Act.
Highlights:
- deregulate price regulation for most property/liability lines
- mandatory coordination of market conduct exams (truth in advertising and proper agent training)
- lower barriers to obtaining licenses
- Clearer regulations (no more hidden rules).
The proverbial other shoe should fall soon as the National Association of Insurance Commissioners (the state regulatory trade organization) will soon comment on the proposed changes.
