PIA members support the states as primary regulators of the business of insurance under a modernized system. Our existing system of insurance regulation is, in fact, a national system that is state-based, which provides vital checks and balances to ensure financial stability, safety and soundness, and should therefore be preserved. PIA:
- Supports the existing national system of state-based insurance regulation.
- Supports systemic risk regulation of banking, securities and capital markets.
- Opposes preemption by a federal insurance regulator, or federal preemption of state insurance oversight, whether optional or mandatory.
To learn more about PIA's position on Modern State Regulation of Insurance, read the March 2009 Modern State Regulation of Insurance PIA Position Paper (PDF file).
To guide the successful modernization of the Financial Services sector, and in response to numerous calls for an optional federal charter and the federalization of insurance, PIA has issued "PIA’s Roadmap to State Regulatory Modernization."
The PIA Roadmap to State Regulatory Modernization:
- Preserves the state-based structure of insurance oversight.
- Achieves insurance regulatory modernization.
- Protects the integrity and standing of state insurance law.
- Ensures competitive equity for all marketplace participants in an efficient and cost-effective manner.
The May 2008 special edition of PIA Connection (large PDF file) details “PIA’s Roadmap to State Regulatory Modernization.”
In this section you'll find information about:
- Optional Federal Charter
- Producer oversight;
- Rate & form;
- Interstate Compact;
- Market conduct;
- Carrier licensing;
- Actions by the Office of the Comptroller of the Currency (OCC);
- Tying;
- Gramm Leach Bliley Act (GLBA);
- McCarran-Ferguson;
- Other related topics
Please see the "Related Stories" to the right to keep current with this fast moving, fluid topic.
Be sure to visit the Producer Licensing section of PIANET.