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.