THE INFLUENCE GAME: Insurers eye new regulator

Not many financial companies saw an opportunity in the economic meltdown. But large insurers did, and now they're using it to lobby for a lucrative change they've sought unsuccessfully for years.

Industry estimates suggest a rather obscure change in federal law could be worth billions of dollars annually to insurers. Key lawmakers and Obama administration officials say they're open to it, and industry lobbyists see the drive to overhaul financial rules in the wake of the meltdown as their best chance in a long time to achieve it.

The change would give insurance companies the option of escaping state regulators by setting up a new federal agency and letting them choose whose rules to obey — a proposal consumer advocates view with horror.