Reps. Melissa Bean, D-Ill., and Ed Royce, R-Calif., are proposing revisions to legislation that would create a federal office of insurance regulation. The new laws would mandate tougher consumer protections and would mesh with a system-wide financial services regulatory body under discussion in Congress and in the White House. Bean said federal oversight would provide a "streamlined and uniform regulatory process that enhances competition and reduces the multi-state regulation barriers."

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