The head of the National Association of Insurance Commissioner says this is the wrong time for members of Congress to try to change states' insurance oversight authority.
Roger Sevigny, president of the National Association of Insurance Commissioners, Kansas City, Mo., and New Hampshire insurance commissioner, has put out a statement condemning H.R. 1880, the National Insurance Consumer Protection Act.
"If passed, this bill would allow nearly any function of the so-called national insurance regulator to be carried out by self-regulatory industry groups, effectively handing the keys of supervision over to those being supervised," Sevigny says in the NAIC statement. "Akin to letting the fox guard the henhouse, this bill would essentially dismantle existing state-based consumer protections…. This is not a reform bill, it is a deregulation bill."
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