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FOR IMMEDIATE RELEASE

NAIC TESTIFIES BEFORE CONGRESS ON
HOUSING FINANCE REFORM

WASHINGTON, D.C. (Nov. 21, 2013) Kurt Regner, Assistant Director of the Arizona Department of Insurance, testified today on behalf of the National Association of Insurance Commissioners (NAIC) on issues surrounding housing finance. The hearing, held by the Senate Committee on Banking, Housing, and Urban Affairs, was titled Housing Finance Reform: Powers and Structure of a Strong Regulator.
   
“State regulators have a responsibility to protect policyholders and ensure competitive markets,” testified Regner.  “As insurance markets evolve, we are engaged with all stakeholders to promote an optimal regulatory framework.”

The purpose of the hearing was to discuss housing finance reform. Regner’s testimony outlined actions taken by state regulators to balance solvency standards with availability of coverage in the mortgage insurance market.

“We appreciate the desire in Congress to address issues arising from the mortgage transaction, but any legislation must carefully consider the existing regulatory regime,” Regner advised. “We remain committed to effective regulation of the PMI and financial guaranty industries, and to enhancing our regulatory structure where necessary.  Good regulation makes for competitive markets and well-protected policyholders.”

Click HERE for full text of the submitted testimony. 
       

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About the NAIC

The National Association of Insurance Commissioners (NAIC) is the U.S. standard-setting and regulatory support organization created and governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer review, and coordinate their regulatory oversight. NAIC staff supports these efforts and represents the collective views of state regulators domestically and internationally. NAIC members, together with the central resources of the NAIC, form the national system of state-based insurance regulation in the U.S. For more information, visit www.naic.org.

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