US insurance industry facing regulation

The US Congress has threatened to impose compulsory regulatory reform on the insurance industry unless the various factions agree on uniform standards. The House financial services committee has said that unless the US insurance industry adopted some form of reform in the next 12 to 18 months, it would step in and impose legislation in Congress that would do the job.At present insurance regulation in the US is set at the state level, with the various state legislatures setting their own rule