* The state-based insurance regulatory system has remained a constant in an otherwise erratic economic climate. That was the key message conveyed this week when state insurance regulators visited members of Congress to highlight the part of the regulatory system that has consistently worked.More than 35 state insurance commissioners joined National Association of Insurance Commissioners (NAIC) Chief Executive Officer Dr. Therese Vaughan for meetings with members of Congress to discuss insurance regulatory reform. Commissioners also heard from Congressman Barney Frank (D-MA), chairman of the House Committee on Financial Services on his views for financial regulatory reform; from Health and Human Services Secretary Kathleen Sebelius on health insurance reform; and from Congressman Earl Pomeroy (D-ND) on his perspective as a former NAIC President and North Dakota Insurance Commissioner.
During the meetings, Vaughan and state regulators stressed that any reforms must provide consumers with the time-tested protections of the current national system of state insurance oversight.
NAIC President and New Hampshire Insurance Commissioner Roger Sevigny said the visits were designed to ensure careful consideration of reforms to the nation’s financial services regulatory structure.
State insurance regulators also shared with members of Congress the NAIC principles for health insurance reform, which stress substantial experience and expertise of the states in the crafting of federal legislation.
To see the full text from the meetings, visit http://www.naic.org/Releases/2009_docs/state_strengths.htm
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