The National Conference of Insurance Legislators (NCOIL) applauded The Council of State Governments (CSG) for again stating its opposition to federal insurance chartering. NCOIL President Senator James Seward (NY) commended the CSG for adopting a Resolution Opposing Continuing Federal Insurance Chartering Efforts during its recent December 3 through 7 Annual State Trends & Leadership Forum in Omaha, Nebraska.

“NCOIL agrees with the CSG resolution—which strongly opposes the creation of federal insurance mechanisms, such as an optional federal charter (OFC) and an Office of Insurance Information (OII),” said Seward. “NCOIL, like the CSG in its resolution, also aggressively refutes the implication that failures at American International Group (AIG) somehow reflect on state regulatory oversight—a myth that has been debunked several times over.”

Sen. Seward continued, “Next year it will be more important than ever for state officials, including governors, attorneys general, insurance commissioners, and legislators, to work in unison to safeguard our regulatory authority to protect our consumers and businesses. The business of insurance provides millions of jobs to our constituents and is a top five revenue source in every state across our nation.”

What It Means to Agents:  PIA joins NCOIL in commending the Council of State Governments for reiterating its opposition to federal insurance chartering.

December 16, 2008