Washington - The National Association of Mutual Insurance Companies (NAMIC) is pressing its case that it is possible to streamline and improve the current insurance regulatory system without launching a complete overhaul.

Testifying before the Senate Committee on Banking, Housing and Urban Affairs, Chuck Chamness, NAMIC’s president and CEO, said reforming the current state-based regulatory system is best for insurance consumers and companies. Chamness said the current regulatory system is not so in need of repair as to warrant a federal takeover. “The property/casualty insurance industry has never had a taxpayer bailout,” he said. “The same cannot be said for other divisions of the financial services industry that are regulated by the federal government.

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