When Insurance Peddling Becomes a Political Flashpoint
R.J. Lehmann of the R Street Institute, a libertarian-leaning think tank, argues against the International Insurance Standards Act because it will tie the hands of negotiators as they push for expansion of U.S.-based financial services “on the global stage.” He laments that insurance in our nation has traditionally been “a completely state-regulated industry” and praises Dodd-Frank for creating an office in the U.S. Department of Treasury that can now sometimes override state law in the context of international agreements. Lehmann also condemns IISA for requiring federal officials to “submit to a statutorily mandated consultation with state officials,” referencing Article VI, Clause 2 of the U.S. Constitution.
