NCOIL '05 Priority To Defend State Regs
NU Online News Service, Jan. 4, 11:05 a.m. EST?Laying out the agenda for the year, the new president of the National Conference of Insurance Legislators said NCOIL's priorities in 2005 come down to defending and modernizing the state system of insurance oversight.[@@]
According to Rep. Craig Eiland of Texas, the newly elected NCOIL president, the single greatest issue that state lawmakers must address in 2005 is "the federal move to usurp state insurance regulation and to commandeer the authority of state legislatures to set insurance public policy."
Mr. Eiland added, "What we do now and in the next few years could change the shape of state regulation for many years to come."
Whether Congress considers the State Modernization and Regulatory Transparency Act or an optional federal charter, he argued, state lawmakers and other state officials must unite to preserve the state insurance oversight system that has safeguarded consumers for decades.
The way to stave off federal intervention, Mr. Eiland said, is for states to further modernize the way they regulate insurance. Such modernization measures include:
? Market conduct surveillance reform.
? Competitive rating systems for property-casualty insurance.
? Uniformity for agent and company licensing, to prove to Congress that states need no help tailoring their systems to suit the growing demands of a complex, global insurance market.
Further, in 2005 NCOIL will address other important issues regarding insurance oversight. Among them:
? Consideration of proposals regarding broker compensation and disclosure, with emphasis on broker duties and responsibilities, strong enforcement mechanisms, and concentration on brokers rather than agents.
? Development of model laws regarding claims history databases and long term care partnership programs.
Continue Reading for Free
Register and gain access to:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
