Treasury presses for expanded insurance regulation

The Treasury Department is out with a new report calling for a expanded role in the regulation of the insurance industry, The New York Times reports.

Insurance regulation is traditionally the province of state governments, but Treasury is proposing to take a greater hand in the oversight of mortgage insurance and other parts of the $7 trillion industry, according to the Times.

Other parts of the industry would remain under state supervision.

“The report, which was ordered by the Dodd-Frank financial overhaul law, said it was time to stop debating which level of government should be in charge and instead build a hybrid model that would give duties to both,” writes the Times’s Mary Williams Walsh.

Check out the entire New York Times story here.