Business Services Industry
Class action bill backed by regulator.(Brief Article)
Business Insurance, August, 2002 by Hofmann, Mark A.
WASHINGTON-As debate formally began in the Senate on class-action reform legislation last week, a panel of lawmakers heard an insurance regulator's concerns that nationwide class actions against insurers can undermine state regulators' authority. ``Large-scale, nationwide litigation against major insurance companies frequently goes around or simply ignores the role of state regulators,'' D.C.
Commissioner of Insurance and Securities Lawrence Mirel told the Senate Judiciary Committee in testimony last week. ``Class-action lawsuits against insurers can, and often do, directly impact our statutory authority to regulate the business of insurance and protect our constituents,'' he said. Mr. Mirel was one of six witnesses who testified before the committee on the...
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