Say No To Federal Regs, NAIC President Contends

To The Editor:

For the last three years as an officer and now president of the National Association of Insurance Commissioners, I have sought to understand why a relatively small but vocal segment of the insurance industry is calling on Congress to create a federal regulator.

I had always heard the primary reason was insurers concerns about competition from banks, and the problem in a handful of states in getting useful products approved and available to consumers. This argument made little sense: the states regulate bank sales of insurance products, too.

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