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TO MEMORIALIZE THE CONGRESS OF THE UNITED STATES TO CONTINUE TO ALLOW THE STATES TO REGULATE INSURANCE COMPANIES, AND TO OPPOSE ANY PROPOSAL TO ESTABLISH EITHER A FEDERAL OR A BIFURCATED SYSTEM OF INSURANCE REGULATION OR TO CEDE AUTHORITY TO FEDERAL AGENCIES TO REGULATE FINANCIAL INSTITUTIONS INVOLVED IN THE BUSINESS OF INSURANCE.
Whereas, for over the last one hundred thirty years, protecting consumers and ensuring the safety and soundness of insurance companies operating in the United States have been the prime objectives of state insurance regulation. State insurance regulation has been successful and effective and has adapted to changes in the marketplace; and
Whereas, state legislators and commissioners of insurance have acknowledged that differences in state laws and rules with regard to the regulation of the business of insurance can sometimes present obstacles to insurers, and they are taking steps to modernize regulation again to address challenges in the new financial services marketplace; and
Whereas, some national associations representing insurers and banks have prepared draft federal legislation to either establish one federal regulator of insurance or allow for dual federal and state insurance regulation; and
Whereas, if enacted by Congress, federal charter bills will bifurcate insurance regulation between the states and federal government, undermining the state system of consumer protections and financial surveillance, as well as causing a loss of jobs and taxes, fees, and other revenues to the states;
Whereas, the State of South Carolina is committed to maintaining the states as the sole regulator of the business of insurance, while also continuing to support state efforts to streamline and simplify insurance regulation. South Carolina opposes any proposal to establish either a federal or a bifurcated system of insurance regulation or to cede authority to federal agencies to regulate financial institutions involved in the business of insurance. Now, therefore,
Be it resolved by the House of Representatives, the Senate concurring:
That the members of the General Assembly, by this resolution, memorialize the Congress of the United States to continue to allow the states to regulate insurance companies and to oppose any proposal to establish either a federal or a bifurcated system of insurance regulation or to cede authority to federal agencies to regulate financial institutions involved in the business of insurance.
Be it further resolved that a copy of this resolution be forwarded to the President of the United States and all the members of the One Hundred Eighth Congress.
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