NEW YORK–At a national conference of state legislators Saturday one lawmaker questioned the competence of state insurance regulators based on their plan to relax capital and surplus requirements for carriers during a financial crisis.
The comments came as leadership of the National Conference of Insurance Legislators, Troy, N.Y., prepared to send a letter to the National Association of Insurance Commissioners, Kansas City, Mo., urging them not to vote on the controversial proposal.
The move would be the latest bit of fractiousness in relations between NCOIL and NAIC. The two groups are united in protecting state insurance regulation, but NCOIL members have been frequent critics of the way NAIC operates and one lawmaker suggested if NAIC pursues its present course he would seek to have his state end its ties to that organization.
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