Regulation focus of Iowa global insurance meeting

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Associated Press

Posted on May 20, 2014 at 4:00 PM

Updated Tuesday, May 20 at 6:02 PM

DES MOINES, Iowa (AP) — Insurance companies, trade groups and regulators are gathering in Iowa to discuss the industry's major issues.

As the three-day Global Insurance Symposium got underway Wednesday in Des Moines, plans to regulate firms like banks and impose national or even international oversight are at the fore.

A big concern is increasing federal oversight that could impose banking-type regulations on insurers. The insurance industry in the U.S. is largely regulated on a state-by-state basis.

As insurance increasingly becomes a global business, companies also deal with different expectations from regulators in other countries. That's why Iowa Insurance Commissioner Nick Gerhart invited insurance officials from Germany, India and Japan.

Iowa, home base to more than 200 insurance companies, is one of the nation's leading insurance hubs.

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