The US Financial Services Roundtable commended a Senate subcommittee today for addressing a long-needed fix to a regulatory system that has become inadequate for serving the insurance industry and the American consumer.
The Senate held an oversight hearing on “Insurance Brokerage Practices, Including Potential Conflicts of Interest and the Adequacy of the Current Regulatory Framework.”
Steve Bartlett, Roundtable president and CEO, said recent activities and the subsequent Senate hearing reflect, in part, the inability of an archaic regulatory scheme to keep pace with the complexities of the financial services sector.
The hearing follows recent allegations of collusion between insurance companies and brokers that include bid-rigging and other abuses that have hurt large corporate buyers of insurance. The subcommittee also explored whether the revelations of wrongdoing suggest any need for altering the current regulatory framework to promote greater accountability among industry players.
FSR Press release
Senate Hearing
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