FOR IMMEDIATE RELEASE
GOVERNORS SHOW SUPPORT FOR STATE-BASED INSURANCE
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
"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.