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FOR IMMEDIATE RELEASE

GOVERNORS SHOW SUPPORT FOR STATE-BASED INSURANCE REGULATION

ORLANDO, Fla. (March 31, 2014) Leadership from the National Association of Insurance Commissioners (NAIC) today thanked the National Governors Association (NGA) for praising the "world-class" state-based system of insurance regulation in a letter to U.S. Treasury Secretary Jack Lew. A letter from the NGA’s Economic Development and Commerce Committee was sent regarding the recent report from the Federal Insurance Office (FIO) on modernizing insurance regulation.

"Governors stand ready to protect state-based insurance regulation," says the NGA letter, signed by Governor Robert Bentley (R-AL), chair of the committee, and Governor Earl Ray Tomblin (D-WV), vice chair. "The diversity of consumers, financial services products and institutions, investors, and local market conditions are currently addressed by state regulators with a proven track record."

"My colleagues and I are very appreciative of the support from the NGA," said NAIC President and North Dakota Insurance Commissioner Adam Hamm. “Governors understand the importance of creating local solutions tailored to a state's individual needs, and their letter affirms what we have known for some time: our state-based system of oversight is the strongest approach for creating stable marketplaces and protecting consumers in our states."

"Governors know they can rely on their state insurance departments to protect citizens locally," said NAIC CEO Senator Ben Nelson. "As a former governor, I know firsthand that consumers are better served by local regulators than they ever could be by calling a toll-free number in Washington."

Click HERE to read the letter from the NGA.
   

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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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