State regulation of insurance is still the way to go, representatives from the National Conference of State Legislatures told a congressional panel recently. The representatives were speaking before the U.S. House Financial Services Committee’s Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises.

"For more than 150 years, states have successfully and effectively regulated the insurance industry," said Sen. Kemp Hannon (R-NY), co-chair of NCSL’s Task Force to Streamline and Simplify Insurance Regulation. "Federal intervention at this point would introduce a host of unintended consequences."

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