NAIC Commends NCSL Support of State Regulation

The National Association of Insurance Commissioners (NAIC) recognizes the National Conference of State Legislatures (NCSL) for their commitment to state-based insurance regulation and important consumer-protection measures.

At their Spring Forum, NCSL members approved adoption of the Resolution in Opposition to S. 40/H.R. 3200 – the National Insurance Act of 2007. The resolution opposes the National Insurance Act, as well as any other such federal legislation that would threaten the power of state legislatures, governors, insurance regulators and attorneys general to oversee, regulate and investigate the business of insurance.

“State legislators and regulators want to set the record straight,” said NAIC President and Kansas Insurance Commissioner Sandy Praeger. “We provide local, proven consumer protection. And, by working together, we have continued to improve, enhance and modernize the state-based system of insurance regulation.”

Also during the Spring Forum, NCSL renewed two policy statements designed to protect consumers. “Insurance Fraud: Federal Criminalization” supports federal criminalization of insurance fraud, but maintains that prosecution should remain within the jurisdiction of the states. “Equal Access to FBI Criminal History Records” supports state insurance regulator access to the FBI criminal database information consistent with other federal and state financial regulators.