State legislators have slammed a National Association of Insurance Commissioners proposal for regulatory reform, charging it would permit federal authorities to take over their insurance lawmaking function.
The draft proposal, put up for discussion during a session of the NAIC 2009 Winter National Meeting here, was criticized as something that could supplant the authority of state legislatures to regulate insurance.
As explained by Illinois Insurance Director Michael McRaith, the draft would call for an act of Congress that would authorize states to form a body called the National Insurance Supervisory Commission (NISC). According to the draft, the commission members can consist only of "the primary insurance regulator of each state or territory."
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