Lawmaker Urges NAIC, Congress Teamwork
NU Online News Service, Dec. 9, 1:22 p.m. EST?An influential Washington legislator, speaking at the National Association of Insurance Commissioners winter meeting, stressed the need for good communications between regulators and Congress.[@@]
Congressman Paul Kanjorski, D-Pa., speaking before state insurance regulators gathered at the NAIC winter meeting in Anaheim, Calif., said a key element in the future of insurance regulation, and in ensuring a marketplace that is both competitive and protective for consumers, will be "communication and collaboration among the states and Congress."
Congressman Kanjorski is currently the most senior Democrat on the House Financial Services Capital Markets Subcommittee, which oversees the insurance industry.
Mr. Kanjorski told regulators that it is important for legislative leaders in Washington to speak with insurance regulators in the states "on a regular basis regarding the latest developments in insurance supervision and reform."
"Working together," he said, "we can ensure that our insurance marketplace remains competitive and continues to serve the evolving needs of American consumers."
The NAIC in a statement responding to Rep. Kanjorski's remarks, noted that the association has taken steps to keep open lines of communication between states and federal lawmakers. The NAIC said that it testified several times before Congress regarding states' efforts to strengthen and modernize state insurance regulation.
Last September, it was noted, NAIC members adopted a regulatory modernization action plan, called "A Reinforced Commitment: Insurance Regulatory Modernization Action Plan," for streamlining key areas of state insurance regulation, from consumer protection to producer licensing.
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