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NAIC President Hamm, Vice President Consedine Defend State Regulation

National Association of Insurance Commissioners (NAIC) President Adam Hamm and Vice President Michael Consedine stood behind the state-based system of insurance regulation during remarks at the NAIC Spring National Meeting in Orlando...
April 2, 2014

National Association of Insurance Commissioners (NAIC) President Adam Hamm and Vice President Michael Consedine stood behind the state-based system of insurance regulation during remarks at the NAIC Spring National Meeting in Orlando. With pressure mounting from international regulators to have the United States adopt global insurance standards, some in the NAIC want to ensure the domestic state-based regulatory system remains intact.

They said while International Association of Insurance Supervisors (IAIS) and the G-20 Financial Stability Board will both influence regulatory developments worldwide, the NAIC must help ensure that rules applied to U.S. insurers and overseas insurers doing business in the United States meet standards set by U.S. regulators and policymakers without adding new and unjustified burdens to consumers. “It would be a mistake to undermine what works for policyholders in an effort to mirror what may be popular to some,” Hamm said. Meanwhile, Connecticut Insurance Commissioner Thomas Leonardi called the time frames sought by the IAIS to implement major reforms “reckless.”

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