Chris Dodd: “I understand how it works in different States. My point is, without getting into the minutiae of it, 40 States, as I…”

“I understand how it works in different States. My point is, without getting into the minutiae of it, 40 States, as I understand it, allow in the commercial property and casualty area for rates to go forward if a rate request is made. They then retain the right to decide whether or not that rate is one they will accept. In 10 States, as I understand it--and my colleague is a former insurance commissioner so he may have more detail on this--and Florida could be one--do not allow the rate increase to go forward without there being permission by the insurance commissioner ahead of time. That is a general breakdown. Within some States they have ranges of rates, but the point being, the State insurance commissioner is the one that ultimately, one way or the other, decides rates. How each State does it may vary a little bit here and there, but we do nothing in this bill to undermine the ability of the State insurance commissioner to ultimately set the rates if they do it differently. We defer to the States on this issue historically, and we did so again in this bill.”