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NCOIL to Consider Resolution Opposing OFC

The National Conference of Insurance Legislators (NCOIL) will hold its annual meeting November 18-21 in Austin, Texas. The state legislators from around the country focus...
November 16, 2010

The National Conference of Insurance Legislators (NCOIL) will hold its annual meeting November 18-21 in Austin, Texas. The state legislators from around the country focus on health reform implementation, federal regulation, broker disclosure, natural catastrophe issues and other issues affecting PIA members. PIA National will attend and participate.

On November 19, NCOIL's State/Federal Relations Committee will consider a proposed Resolution Urging Opposition to Optional Federal Charter Proposals, sponsored by Committee Chair Rep. Greg Wren (AL).  The resolution asserts that U.S. states have successfully regulated the insurance industry for more than 135 years and continue to modernize oversight as conditions warrant.  The resolution also notes that outgoing House Financial Services Committee Chairman Barney Frank (D-MA) informed NCOIL in July that the committee would consider optional federal charter (OFC) legislation in 2011.

The resolution calls on state leaders, including state regulators, attorneys general, and governors, to reinforce their strong opposition to OFC legislation, and it urges Members of Congress to express their strong opposition to forthcoming OFC proposals. PIA National strongly supports this resolution and we will let the legislators know they will have our support in the states so they can adopt this resolution as well.