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NCOIL Asks Congress for Voice on Federal Panels Tied to International Oversight

The National Conference of Insurance Legislators (NCOIL) has asked Congress and the Obama administration to provide state lawmakers with a place in discussions for any federal panel involved with international insurance oversight...
December 18, 2013

The National Conference of Insurance Legislators (NCOIL) has asked Congress and the Obama administration to provide state lawmakers with a place in discussions for any federal panel involved with international insurance oversight. NCOIL’s request was contained in a Dec. 2 letter to leadership in Congress. The letter was also sent to the Federal Insurance Office (FIO) and the Financial Stability Oversight Council (FSOC), among other groups. It cites NCOIL opposition to any infringement on states’ ability to regulate their individual insurance markets.

“There is a recent and troubling trend at the international level calling for more federal involvement in insurance regulation, which suggests that the U.S. state-based system of regulation is insufficient,” said resolution sponsor Sen. Carroll Leavell of New Mexico. “This is not the case and I sponsored this resolution to make sure state legislators’ voices are heard on this issue.”

Officials of the National Association of Insurance Commissioners (NAIC) expressed similar concerns to President Obama during a Nov. 20 meeting at the White House. During that meeting in the Oval Office, the President expressed his support for state regulation of insurance.