The National Conference of State Legislatures (NCSL) has adopted a resolution in opposition to the National Insurance Act (S. 40, H.R. 3200), the federal bill that would provide for an optional federal charter.

In addition to opposing the National Insurance Act, the NCSL resolution also opposes any other such federal legislation that would threaten the power of state legislatures, governors, insurance regulators and attorneys general to oversee, regulate and investigate the business of insurance.

The action by NCSL brought quick praise from the National Association of Insurance Commissioners. NAIC President and Kansas Insurance Commissioner Sandy Praeger said, “State legislators and regulators want to set the record straight. We provide local, proven consumer protection. And, by working together, we have continued to improve, enhance and modernize the state-based system of insurance regulation.”

NAIC Commends NCSL Support of State Insurance Regulation (NAIC 4/29/08)

May 6, 2008