OTHER NEWS - April 10, 1992

Dingell Introduces Insurance Bill: House Energy and Commerce Committee Chairman John Dingell introduced a bill for federal regulation of U.S. insurance companies, saying state regulation was not strong enough. The Michigan Democrat’s bill would establish voluntary federal certificates of solvency for insurers, regulate reinsurance and establish a national insurance protection corporation to pay policyholders of failed firms. It would also create a self-regulatory organization dealing with insurance agents or brokers and set federal standards and procedures for rehabilitation and liquidation. Insurers are regulated by states rather than the federal government.