NAIC/State Government Liaison Committee
NAIC/State Government Liaison Committee Page
Summer 2009 Meeting Summaries Index

The NAIC/State Government Liaison Committee met June 13, 2009. The following state officials were in attendance: Representative Robert Damron (KY); Representative George Keiser (ND); and Representative Brian Kennedy (RI).

During the meeting, the Committee:  

  • Received an overview of federal activity related to systemic risk regulation from NAIC staff. The House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises will hold a hearing on systemic risk June 16, and the Treasury Department is expected to release their proposal on systemic risk June 17. The Committee also heard about the House GOP plan that was released on systemic risk.
  • Discussed systemic risk, with NAIC CEO Terri Vaughan providing the NAIC position, and the legislators present reiterating how state government officials should fit into a council approach to systemic risk should Congress and the Administration proceed with that concept.
  • Discussed the current status of principles-based regulation.. 
  • Received an update on the NAIC market conduct proposal, with an emphasis on the need to balance the concerns of industry with the need to provide consumers information regarding market conduct. 
  • Received an update on NAIC activity related to the use of credit scoring. The Committee heard about differing opinions related to insurance-based credit scores that were raised during the NAIC hearing on April 30, and learned that NCOIL would be presenting before the joint meeting of the Property and Casualty Insurance (C) Committee and Market Regulation and Consumer Affairs (D) Committee on June 15 on this issue.

Action Items:

1.     No actions were taken during this meeting.

 

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