FOR IMMEDIATE RELEASE

NAIC TESTIFIES BEFORE TWO SENATE COMMITTEES ON PROPERTY INSURANCE ISSUES

WASHINGTON, D.C. (April 11, 2007) - National Association of Insurance Commissioners (NAIC) President and Alabama Insurance Commissioner Walter Bell testified today before the Senate Committee on Banking, Housing and Urban Affairs regarding the challenge of availability and affordability in coastal insurance markets.

Meanwhile, Arkansas Insurance Commissioner Julie Benafield Bowman testified today before the Senate Committee on Commerce, Science and Transportation on the overall state of the property/casualty market and its regulatory landscape.
 
"Coastal insurance markets are still dealing with the challenge of insurance availability and affordability, and state insurance departments are working to help consumers and businesses find coverage to manage the risk of living and working near the water," Bell said. 

Bell's testimony to the Banking Committee highlighted the factors affecting availability and affordability, and provided snapshots of the market in a number of coastal states. He also encouraged Congress to consider an all-perils insurance policy, and reinforced the NAIC's support for a national commission to analyze the problem.
 
In the Commerce Committee hearing, Bowman discussed regulators' dual responsibility of ensuring the solvency of insurance companies, and making sure that those companies treat consumers and claimants fairly. She also addressed rate regulation and insurers' claims settlement practices.
 
Bowman concluded her testimony by saying, "Our role as insurance commissioners is to foster an industry that prepares people before, and then provides for them after, some of the worst possible events that they may endure in their lifetime."

To view Bell's testimony, click HERE.

To view Bowman's testimony, click HERE.

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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