Investment News' Darla Mercado reports on 6/9/2008 (at page 57) that the move toward federal regulation of the insurance market is working its way through Congress. There are many in the life insurance industry that applaud its movement. The state insurance commissioners have created the Interstate Insurance Product Regulation Commission to allow insurers to file products under uniform standards, allowing products to be sold in all member states. Another piece of the federal regulation puzzle is the establishment of a federal insurance oversight office within the federal government under U.S. Rep. Paul Kanjorski's (D-PA) proposed legislation.
The process of introducing new products in different states under the present system is both time consuming and costly. It is hoped that the passing of such measure will reduce the time it takes to bring innovative new products to market.