Senator Sees Need to Regulate Insurance Firms:...

Senator Sees Need to Regulate Insurance Firms: The government may have to regulate the insurance industry to prevent a scandal similar to the multibillion-dollar savings and loan crisis, said Sen. Howard Metzenbaum, (D-Ohio). “If we have learned anything from the savings and loan crisis, we have learned that to a large degree it was preventable,” Metzenbaum said. “The warning signs were clear, but unfortunately they were ignored. We must not ignore some of the same signs in the insurance industry,” he said during a hearing of his Senate judiciary subcommittee on antitrust and monopolies. But industry analysts say insurance companies are in better financial shape than recent press and congressional studies indicate.