FOR IMMEDIATE RELEASE

NAIC CONTINUES COORDINATION WITH FEDERAL REGULATORS
INFORMATION SHARING AGREEMENT MADE WITH FEDERAL CROP INSURANCE CORPORATION / RISK MANAGEMENT AGENCY
 

WASHINGTON, D.C. (June 12, 2006) - In a continuing effort to expand and enhance regulatory cooperation between the two organizations, the National Association of Insurance Commissioners (NAIC), as the central repository for regulatory information for state insurance departments, and the Risk Management Agency (RMA), as the regulatory body for the Federal Crop Insurance Corporation (FCIC), have agreed to exchange data useful to both organizations with their respective regulatory roles.

Presently, the two organizations are collaborating on an increased information-sharing initiative designed to streamline and enhance tasks performed by each group. 

"As chairman of the Crop Insurance Working Group, I look forward to continuing the strong and productive relationship that exists today between the RMA and the NAIC," said South Dakota Director of Insurance and Crop Insurance (C) Working Group Chairman Merle Scheiber. "Looking to the future, the enhanced sharing of information between the RMA and the NAIC, as well as between the RMA and state insurance departments, will help to strengthen and promote the integrity of the Federal Crop Insurance Program."

The RMA has committed to provide information on sanctions or other compliance actions taken against crop insurance agents, policyholders, or loss adjustors to the NAIC for use in assisting its members and state insurance officials to carry out their regulatory roles. The NAIC will in turn assist the RMA in performing financial and market analysis reviews of crop insurers, which includes providing statutory financial statement filing data.

"Producers and the Federal Crop Insurance Program alike will benefit from enhanced communications," RMA Administrator Eldon Gould said. "It makes good sense. What benefits the crop insurance delivery system can benefit the farmer, and make the program more effective and efficient."

About the NAIC

About the NAIC Headquartered in Kansas City, Missouri, the National Association of Insurance Commissioners (NAIC) is a voluntary organization of the chief insurance regulatory officials of the 50 states, the District of Columbia and the five U.S. territories. The NAIC’s overriding objective is to assist state insurance regulators in protecting consumers and helping maintain the financial stability of the insurance industry by offering financial, actuarial, legal, computer, research, market conduct and economic expertise. Formed in 1871, the NAIC is the oldest association of state officials. For more than 135 years, state-based insurance supervision has served the needs of consumers, industry and the business of insurance at-large by ensuring hands-on, frontline protection for consumers, while providing insurers the uniform platforms and coordinated systems they need to compete effectively in an ever-changing marketplace. For more information, visit NAIC on the Web at: http://www.naic.org/press_home.htm

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