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PIA Testifies on NAIC NISC Proposal

The National Association of Insurance Commissioners (NAIC) held a one-hour public forum on their National Insurance Supervisory Commission (NISC) proposal on December 5 during the...
December 9, 2009

The National Association of Insurance Commissioners (NAIC) held a one-hour public forum on their National Insurance Supervisory Commission (NISC) proposal on December 5 during the NAIC winter meeting in San Francisco. PIA National Assistant Vice President of Industry Affairs David Eppstein testified, making it clear that PIA agrees with the NAIC's goal of greater uniformity and reciprocity in insurance regulation, adding we think these goals can be achieved without creating a new federal insurance office.

"Our members agree with the goals and principles in the proposal, but are concerned with the reliance on the establishment of a new federal office to get there," said Eppstein. "Even if the proposal is narrowly tailored to preserve state regulation as much as possible, there is no guarantee that those protections will be preserved throughout the legislative process.  Further, almost every jurisdiction has passed the Producer Licensing Model Act (PLMA) and participates in the National Insurance Producer Registry. This demonstrates that states are willing to proceed with uniformity goals without the need for federal coercion."