FOR IMMEDIATE RELEASE
REGULATORS HIGHLIGHT STATE-BASED STRENGTHS TO
WASHINGTON, D.C. (July 28, 2011) — Today members of the
National Association of Insurance Commissioners (NAIC) highlighted progress
made by states in response to the nation‘s financial crisis. NAIC President
and Iowa Insurance Commissioner Susan E. Voss and Missouri Insurance
Director John M. Huff testified before the House Financial Services
Subcommittee on Insurance, Housing and Community
Opportunity. Congresswoman Judy Biggert (R-Ill.), who chairs the
Subcommittee, opened the hearing with strong praise for state-based
insurance regulation, asserting the system has worked and endured in spite
of roiling financial markets.
“Insurance oversight in the US remains strong and continues to improve,”
said Voss. “We have taken steps to address an evolving landscape and ensure
continued protection of the American consumer. Regulators have made great
strides in developing tools that ensure a competitive environment, while
preserving states‘ front-line strength of solvency regulation and consumer
“Both the nature and regulation of insurance products are
fundamentally different from the nature and regulation of banking and
securities instruments,” said Huff, who also serves on the Financial
Stability Oversight Council (FSOC) created under the Dodd-Frank financial
reform legislation, and is charged with identifying systemic risk in
financial sectors. “We remain hopeful that these differences will be
adequately acknowledged and accommodated by FSOC and by our international
The hearing comes just after the one year anniversary of the passage of
Dodd-Frank, which was signed into law on July 21, 2010. Also marking the
one year mark was the release of the FSOC‘s first Annual Report.
“This report confirms that most insurance sectors generally weathered the
financial crisis well,” said Huff. “While state regulators are continuing
to closely monitor some specific aspects, the insurance industry, overall,
remains healthy and vibrant.”
Click here for the full text of Commissioner Voss‘s
Click here for the full text of Director Huff‘s Testimony.
Click here for the full text of the FSOC Annual Report.
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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