The U.S. insurance industry should be subject to federal regulation, the chief executive of Allstate Corp, the nation’s largest publicly traded home and auto insurer, said Wednesday.

Tom Wilson told the U.S. Chamber of Commerce that the insurance industry, which is currently regulated by the states, should be put in a similar pool of regulation as other large financial firms.

"Every large financial organization in the country should be in the pool," Wilson said. "I think our industry should be subject to federal regulation."
(Reuters)