The new president of the National Conference of Insurance Legislators (NCOIL) is a strong supporter of state regulation of insurance. Michigan state Sen. Alan Sanborn (R-Mich.) says that “insurance is a states’ rights regulation issue. I believe that it should stay in the hands of the state regulators and the state legislatures.” In an interview with BestWire, Sanborn expressed opposition to proposals for optional federal charters that have been introduced in Congress. He also expressed skepticism regarding the State Modernization and Regulatory Transformation (SMART) Act. “I’ve studied the SMART Act; I'm not sure it’s so smart after all because it does undermine the ability of the states to regulate insurance,” he said. “Insurance regulation should stay in the hands of the insurance commissioner and that lawmaking ability should stay in the hands of the legislatures.”

“You know, with the OFC and the SMART Act, you do undermine the authority of the (insurance) commissioner,” added Sanborn “And the question becomes, where are the premium taxes going to be going for insurance? Right now, they go to the states by and large. This will create serious holes in the budgets of the states if that money just goes on to Washington. We will continue to…work together with the insurance commissioners to help make sure that insurance is consumer friendly. We also want to make sure that we’re growing the industry and providing valuable products to consumers.”

Michigan Senator Takes the Helm at NCOIL (BestWire 11/27/06)

November 28, 2006