NAIC Commend Governors for Commitment to Protect Insurance Consumers
National Association of Insurance Commissioners (NAIC) President and Alabama Insurance Commissioner Walter Bell thanked the National Governors Association (NGA) for reaffirming its policy position in support of state-based insurance regulation.
“State regulators live and work in the region they serve and experience firsthand the impact of insured events on their fellow citizens,” Bell said in a letter to the nation’s governors. “We enforce laws developed by state legislatures that are uniquely positioned to accurately reflect local values, concerns, culture and socio-economic conditions. A federal regulator is little more than a tool to circumvent those laws at the expense of your constituents.”
The NGA recently reinforced its policy position in favor of state regulation by stating: “…states must maintain their authority to regulate the business of insurance as the functional regulator of insurers pursuant to the Gramm-Leach-Bliley Financial Services Modernization Act. Federal law should not preempt or undermine this state authority by any means, including allowing insurers the ability to obtain federal charters, or through congressional mandate that imposes national standards for implementation in the states.”
Source: Source: NAIC News Release | Published on August 30, 2007
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