Financial Services Industry
Industry: Email Alert RSS FeedCongress mulls an industry solvency self-policing unit.
National Underwriter Life & Health-Financial Services Edition, January, 1991 by Brostoff, Steven; Howard, Lisa S.
Congress Mulls An Industry Solvency Self-Policing Unit
NEW YORK CITY - Members of Congress are considering the creation of a national solvency regulatory unit that would use an element of industry self-policing.
A likely approach is "some sort of participatory regulatory organization" that would combine "the best elements of state regulation," with industry self-policing as well as the knowledge that agents and brokers have of the marketplace, said John B. Chesson, counsel for the House Subcommittee on Oversight and Investigations. John Dingell, D-Mich., is chairman of the subcommittee.
Mr. Chesson said the idea is still in the discussion stage.
The industry has an incentive because it pays the bills when a company becomes insolvent,...
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