NU Online News Service, June 9, 4:00 p.m. EDT
Treasury Secretary Timothy Geithner needs to speak with state legislators, governors, and attorneys general when seeking information on insurance policy debates, the National Conference of Insurance Legislators advised him.
The advice came in a letter from NCOIL President, New York State Sen., Sen. James Seward, R-Oneonta, to Mr. Geithner.
His message follows Mr. Geithner's orchestration of an insurance reform summit at the White House at which the National Association of Insurance Commissioners was the only group of state officials invited.
Arguing that the states "have an important story to tell," Sen. Seward wrote, "While NAIC participation was essential – given the technical expertise and market regulation responsibilities of its members – NCOIL would suggest that participation by state legislators, who write the insurance laws of this country, and by our nation's governors and state attorneys general was equally necessary."
The NCOIL President committed the group to working with Congress and the Administration to address systemic risk and said that "the states have an important story to tell" and should be included in follow-up conversations regarding the shape of insurance and/or financial services reform.
Sen. Seward also reiterated NCOIL's support for state-based insurance regulation, stating, "We believe that, for over 150 years, the states have done a laudable job regulating the insurance marketplace, evolving to a changing industry and protecting insurance consumers – a top goal of regulation." He also said states are working towards uniformity and reciprocity in producer licensing, product approval, and market conduct regulation.
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