Chris Dodd: “The key paragraphs deal with the underlying issue; that is, the Treasury Department does not have the infrastructure…”

“The key paragraphs deal with the underlying issue; that is, the Treasury Department does not have the infrastructure needed to monitor insurance rates as the amendment proposes. Putting such a monitor mechanism in place could be cost prohibitive, particularly when the underlying Federal legislation is short term in nature. These are the State commissioners. They say: The separate accounting could cause reporting difficulties and added expenses for insurers, insurance regulators and presumably the Treasury Department. The marginal benefits and costs associated with collecting the information could outweigh the benefits that could be derived from the information. Lastly they say: At this time, state regulators already have the ability to address this issue, making additional Federal oversight unnecessary.”