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NAIC Seeks Talks to Boost Treasury Support of State-Based Regulation

National Association of Insurance Commissioners President and Louisiana Insurance Commissioner Jim Donelon wants to open discussions with the U.S. Treasury regarding state-based insurance regulation...
December 6, 2013

National Association of Insurance Commissioners (NAIC) President and Louisiana Insurance Commissioner Jim Donelon wants to open discussions with the U.S. Treasury regarding state-based insurance regulation. The NAIC wants the Treasury to provide more support for state-based regulation in all forums, particularly in the discussions of the International Association of Insurance Supervisors (IAIS). The NAIC believes it should have a greater role in the G-20’s Financial Stability Board’s meetings because it represents the jurisdictions covering nearly 33 percent of the world's insurance market.

Donelon says that in a Nov. 20 meeting with President Obama, the president backed the idea. He told Best’s News Service that as of Nov. 22, no details about the time and location of the meeting have been developed, although he personally expects to be present with NAIC CEO Ben Nelson and Treasury Secretary Jack Lew. Nelson said he also wanted to address what Donelon described as “the growing problem of international pressure on our very successful system.”

Donelon said it was Connecticut Commissioner Thomas Leonardi, the chairman of NAIC’s International Committee, who officially requested during the White House visit that NAIC officials meet with Lew. They also requested that some guidance be sent to Treasury that would bring the department in line with the president’s stated position supporting state-based regulation.