 |
 |
 |
 |
 |
 |
|
Accessing the pages on ambest.com constitutes the user?s
agreement to our terms
of use; Information collected via this Web site is protected by
our privacy statement;
Comments or concerns should be directed to our customer
service group; For other matters refer to our contact us
page.
|
 10:45 a.m.-Noon Financial services legislation will remain stalled in Congress this year, with insurance companies, agents, and banks continuing their sharp disagreements over who should regulate insurance sales and underwriting, said experts at A.M. Best's 10th Annual Insurance Information Services Conference. But a merging of the banking and insurance sectors will also continue at a rapid pace through 1998, forcing state insurance departments to modernize or lose authority to federal regulators, the industry experts said. Gary Hughes, chief counsel of the American Council of Life Insurance, said insurers were "frustrated" by Congress' failure to agree on a moderniztion bill. Speaking at a banks-in-insurance panel, Hughes argued that the situation is largely caused by banks who "show little interest in legislation because they like the situation they have now" with federal banking regulators. While insurance companies are stronger advocates for national legislation, Hughes said, the industry "will not agree to a bill at any price." Phil Corwin of Federal Legislative Associates, a top lobbyist for the banking industry, predicted that Congress will be motivated to pass a bill one year from now, just before the 1998 election. "The legislation will look like it's dead in 1998 and then
rise from its own ashes," said Corwin, also a panelist.
|
||
|