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NAIC CEO Ben Nelson Warns FIO Not to Stray from Its Role

The CEO of the National Association of Insurance Commissioners (NAIC) Ben Nelson says the Federal Insurance Office (FIO) needs to stick to its assigned role and “stay in their own lane...”
March 13, 2013

The CEO of the National Association of Insurance Commissioners (NAIC) Ben Nelson says the Federal Insurance Office (FIO) needs to stick to its assigned role and “stay in their own lane.” Nelson made the remarks during a keynote address on March 8 to the spring meeting of the National Conference of Insurance Legislators (NCOIL) in Washington, D.C.

“We are determined to see that FIO does the job it was intended to do, but not our job,” Nelson declared to the state insurance legislators from around the nation.

Nelson commented that while there are areas of collaboration that will prove essential, he wants to be sure FIO is not doing a job it has not been authorized to do and restated that FIO is not a regulator. “I think they’re beginning to [understand that],” he said.

During his address, Nelson noted that insurance is complicated and that the NAIC harmonizes regulation. He said that natural catastrophe claims must be paid in a timely manner and the NAIC has coordinated support for states in the wake of natural catastrophes. Nelson also said the NAIC stands ready to assist states with healthcare reform implementation.

What It Means to Agents: Ben Nelson was clearly the correct choice to head the NAIC. Perhaps the most important reason is his unambiguous commitment to state insurance regulation, together with his skill in defending it. Give ‘em hell, Ben!

PIA Article: Ben Nelson to the Rescue (American Agent & Broker March 2013)

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