NAIC Welcomes State Legislators

"We are pleased to have so many lawmakers in attendance as we collaborate on important and pressing initiatives," said Roger Sevigny, NAIC President and New Hampshire Insurance Commissioner. "Far-reaching reforms emanating from Washington could have a profound impact on insurance consumers throughout the country. It is critical that regulators and legislators work together to protect safeguards to policyholders through the already established, highly-coordinated network of state-based supervision."

The visiting legislators will also meet with state regulators about improving the uniformity governing business practices of registered agents and brokers in the industry. They also plan to discuss efforts to continue strengthening the proven solvency system for insurers.

Among the federal reforms the NAIC is evaluating are the proposed Consumer Financial Protection Agency, the Office of National Insurance and systemic regulation of the financial sector. State insurance regulators are calling on Capitol Hill to build on the successful model of state insurance regulation while integrating that system into any reforms.

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 www.naic.org.