State lawmakers finally took off the gloves this week and joined forces to fight those who believe the federal government would be a better regulator of carriers and brokers than local insurance commissioners, and that industry players should at least have the option to pick their poison and go with a federal charter.
Yesterday, we reported that the National Association of Insurance Commissioners, National Conference of Insurance Legislators and the National Conference of State Legislatures declared a united front to keep insurance a state-regulated industry. (Click here for the full story.) It's about time.
The number-one job of state insurance regulators is to protect consumers,” said NAIC President Sandy Praeger.”However, it is not merely enough for us to effectively and efficiently regulate the business of insurance. It is just as important for us to proactively educate consumers and continuously advocate on their behalfwith state, federal and international regulators and policymakers.
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