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WASHINGTON, D.C. (July 28, 2011) — Today members of the National Association of Insurance Commissioners (NAIC) highlighted progress made by states in response to the nation‘s financial crisis. NAIC President and Iowa Insurance Commissioner Susan E. Voss and Missouri Insurance Director John M. Huff testified before the House Financial Services Subcommittee on Insurance, Housing and Community Opportunity. Congresswoman Judy Biggert (R-Ill.), who chairs the Subcommittee, opened the hearing with strong praise for state-based insurance regulation, asserting the system has worked and endured in spite of roiling financial markets.

“Insurance oversight in the US remains strong and continues to improve,” said Voss. “We have taken steps to address an evolving landscape and ensure continued protection of the American consumer. Regulators have made great strides in developing tools that ensure a competitive environment, while preserving states‘ front-line strength of solvency regulation and consumer protection.”

 “Both the nature and regulation of insurance products are fundamentally different from the nature and regulation of banking and securities instruments,” said Huff, who also serves on the Financial Stability Oversight Council (FSOC) created under the Dodd-Frank financial reform legislation, and is charged with identifying systemic risk in financial sectors. “We remain hopeful that these differences will be adequately acknowledged and accommodated by FSOC and by our international counterparts.”

The hearing comes just after the one year anniversary of the passage of Dodd-Frank, which was signed into law on July 21, 2010. Also marking the one year mark was the release of the FSOC‘s first Annual Report.

“This report confirms that most insurance sectors generally weathered the financial crisis well,” said Huff. “While state regulators are continuing to closely monitor some specific aspects, the insurance industry, overall, remains healthy and vibrant.”

Click here for the full text of Commissioner Voss‘s Testimony.
Click here for the full text of Director Huff‘s Testimony.
Click here for the full text of the FSOC Annual Report.

About the NAIC

Formed in 1871, the National Association of Insurance Commissioners (NAIC) is a voluntary organization of the chief insurance regulatory officials of the 50 states, the District of Columbia and five U.S. territories. The NAIC has three offices: Executive Office, Washington, D.C.; Central Office, Kansas City, Mo.; and Securities Valuation Office, New York City. The NAIC serves the needs of consumers and the industry, with an overriding objective of supporting state insurance regulators as they protect consumers and maintain the financial stability of the insurance marketplace. For more information, visit

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