Reps. Ed Royce (R-Calif.) and Melissa Bean (D-Ill.), along with Sen. John Sununu (R-N.H.), said Wednesday the U.S. insurance regulation system isn't working. The European Union is considering sanctions on the U.S. insurance industry.

The lawmakers addressed attendees of a Hill Policy Briefing Breakfast co-hosted with the American Council of Life Insurers, making their case for giving insurers an option to be overseen by a federal regulator.

Insurance companies are currently overseen by elected state insurance regulators; Sununu and Sen. Tim Johnson (D-S.D.) in the Senate, and Bean and Royce in the House, have introduced bills to reform the system and lead to what they call a more unified, streamlined regulatory system.