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FOR IMMEDIATE RELEASE NAIC COMMENDS NCSL SUPPORT KANSAS CITY, Mo. (April 29, 2008) — 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.
About the NAIC Headquartered in Kansas City, Mo., 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 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 www.naic.org/press_home.htm.
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©2008 National Association of Insurance Commissioners. All rights reserved. | ||
