NAIC PRAISES PRESERVATION OF
STATE REGULATION UNDER
OBAMA ADMINISTRATION'S PLAN
Proposal Preserves Consumer Protections and Solvency
WASHINGTON, D.C. (June 17, 2009) - The National
Association of Insurance Commissioners (NAIC) commends President
Obama and the Treasury for proposing a plan to help improve
stability and supervision of the financial sector, while preserving
the role of states as regulators of insurance.
"While no one proposal is completely perfect, our initial read of
the Administration's financial overhaul plan seems to reflect what
is most important to us: preserving the consumer protections and
financial solvency oversight of the historically strong and solid
system of state-based insurance regulation," said Therese (Terri) M.
Vaughan, Ph.D., NAIC Chief Executive Officer.
"State regulation's strong solvency system and consumer
protections have served consumers well, as evidenced by the relative
stability in the insurance markets. The proposal appropriately
focuses on the problems that need fixing, by addressing systemic
risk and other regulatory gaps. We are pleased that a council
of regulators with functional expertise is included in the proposal,
but urge inclusion of state insurance regulators to offer expertise
and information on the insurance markets.
We will continue to work with Congress and the Administration to
underscore the benefits of the current insurance regulatory system.
Consumer protection has been, is and will remain priority one for
state insurance officials. We advocate for insurance consumers and
objectively regulate the U.S. insurance market, relying upon the
strength of local, accountable oversight and national
About the NAIC
Formed in 1871, 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 has three offices: Executive Office, Washington,
D.C.; Central Office, Kansas City, Mo.; and Securities Valuation Office,
New York City. The NAIC serves the needs of consumers and the industry,
with an overriding objective of supporting state insurance regulators as
they protect consumers and maintain the financial stability of the
insurance marketplace. For more information, visit www.naic.org.
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