Two U.S. senators are poised to introduce legislation that would effectively do away with the state-based system of insurance regulation.

IFAwebnews.com reportsthat the bill proposes consumer affairs representatives in each state, and could lessen — if not eliminate — the need for insurance regulation within states. Which, in reality, means that consumers will find they have LESS consumer protection and their ability to address concerns locally will become extinct.

It’s a bad idea to begin with, according to the trade group Professional Insurance Agents (PIA). The association’s president rightly said that the legislation will contain the same, tired arguments of years past, and “applying perfume and lipstick to it will not make it acceptable.”