“The number-one job of state insurance regulators is to protect consumers. However it is not merely enough for us to effectively and efficiently regulate the business of insurance,” Praeger said. “It is just as important for us to proactively educate consumers and continuously advocate on their behalf — with state, federal and international regulators and policymakers.”
“There will be several more opportunities for us to work together in the coming year to modernize insurance regulation and increase uniformity where appropriate,” Kennedy said. “I am confident that this type of cooperation and collaboration will result in practical solutions that streamline regulation without compromising consumer protection.”
“As a state legislator, I know how much I value and rely upon the experience and expertise of my state insurance regulatory staff and my NAIC counterparts when considering and acting upon insurance-related issues,” Kelley said. “By doing so, I have found that the roles state regulators and state legislators play in protecting the public interest through the enactment of quality, effective legislation are truly complementary.”
Because of this type of cooperation, key consumer protections have been enacted nationwide, with legislators and regulators working together to get model laws and regulations adopted as quickly and widely as possible. This approach has led to the success of innovative solutions to the nation’s complex insurance problems, including the Interstate Insurance Compact Regulation Commission, the National Insurance Producer Registry, State Based Systems and the System for Electronic Rate and Form Filing.
To further improve dialogue with state lawmakers on these and other issues, the NAIC recently created the NAIC/Legislator Liaison Committee. During its first two meetings, the Committee discussed many important topics — such as optional federal charter legislation and life insurance sales to military personnel — and enjoyed participation from several state and federal legislators. In 2008, the Committee will focus on increasing state participation in the Interstate Insurance Compact Regulation Commission and promoting regulatory uniformity in the producer-licensing area.