Senate Banking Committee Chairman Donald Riegle said Thursday that he has asked Treasury Secretary Nicholas Brady to look into the state of the nation's insurance industry.
"Although the federal government does not regulate the insurance industry, I believe that the recent history of the savings and loan and commercial banking industries makes clear that (it) . . . cannot afford to ignore serious problems in any industry," Riegle wrote.
Riegle, a Michigan Democrat, cited "a stream of reports of distress" as the catalyst for his action and asked for a report to be ready by Sept. 1.