The president of the National Association of Professional Insurance Agents (PIA) charges the proposed Consumer Protection and Regulatory Modernization Act is deregulation in the guise of regulation.

The bill, authored by Reps. Ed Royce (R-Calif.) and Melissa Bean (D-Ill.), would create an Office of National Insurance to oversee the insurance industry. Critics, such as PIA National President Kenneth Auerbach, contend it would weaken insurance oversight and eviscerate the state insurance regulatory system.

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