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NAIC's Vaughan Tells Congress State Regulation Key to Stable Markets

National Association of Insurance Commissioners (NAIC) Chief Executive Officer Therese M. (Terri) Vaughan, Ph.D., testified September 14 before the insurance subcommittee of the Senate Committee...
September 20, 2011

National Association of Insurance Commissioners (NAIC) Chief Executive Officer Therese M. (Terri) Vaughan, Ph.D., testified September 14 before the insurance subcommittee of the Senate Committee on Banking, Housing and Urban Affairs. During the hearing Vaughan highlighted regulator progress in developments in the states and discussed international convergence of insurance oversight.

The hearing, titled "Emerging Issues in Insurance Regulation," was an opportunity for Vaughan to update Congress on efforts by the NAIC and state insurance regulators to ensure stable markets, protect consumers and coordinate with regulators around the world.

"State regulators work collaboratively with international colleagues and have a vested interest in harmonizing regulatory approaches where appropriate. However, we cannot abdicate our responsibility for U.S. insurance companies and consumers," continued Vaughan. "Imposing national or regional concepts unilaterally is particularly counterproductive as it undermines the ability to achieve common regulatory goals." Vaughan was asked to testify along with Baird Webel of the Congressional Research Service, Dr. Mary Weiss of Temple University and Daniel Schwarcz of the University of Minnesota Law School.