State Regulators Blast Federal Regulation Advocates Over AIG

State insurance commissioners have lashed out at members of Congress who are blaming state regulation for the problems of American International Group (AIG) and using the AIG crisis to bolster their advocacy for federal regulation. The state regulators spoke out at their annual meeting this week in Maryland in response to a Wall Street Journal opinion article authored by four members of Congress who support a federal charter for insurers: U.S. Senators John Sununu (R-N.H.) and Tim Johnson (D-N.D.) and House members, Reps. Melissa Bean (D-Ill.) and Ed Royce (R-Calif.).

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