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.

ADVERTISEMENT
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.

More in Finance

Schumer, Coburn oppose House terrorism insurance bill

Read more »