You are here:HomeIssuesProtecting State Insurance Regulation 2003NAIC Summer Meeting Update - Regulatory Modernization

NAIC Summer Meeting Update - Regulatory Modernization

In opening remarks, NAIC President Mike Pickens of Arkansas stressed the importance of staving off federal regulation of insurance and the creation of an optional...
June 26, 2003

In opening remarks, NAIC President Mike Pickens of Arkansas stressed the importance of staving off federal regulation of insurance and the creation of an optional federal charter. Pickens said the way to do this is to push for greater regulatory modernization within each state, and greater uniformity across the states.

The same message was delivered to the commissioners by Senator Ben Nelson (D-Nebraska) during a roundtable session. Nelson said failing to initiate a more urgent, energetic plan for modernization and reform would result in regulators playing catch-up to those pushing for federal oversight.

Nelson is a former governor of Nebraska, headed that state's Department of Insurance and is also a former executive vice president of the NAIC. He urged the NAIC members to become forceful advocates for change and develop their own set of standards for regulatory modernization, along with a timetable for implementation. More