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NCOIL: EU Not Recognizing State System is “Offensive”

The looming threat of international regulation is helping to bring the National Conference of Insurance Legislator and the National Association of Insurance Commissioners together, according to NCOIL Chief Executive Officer Tom Considine...
September 7, 2016

The looming threat of international regulation is helping to bring the National Conference of Insurance Legislators (NCOIL) and the National Association of Insurance Commissioners (NAIC) together, according to NCOIL Chief Executive Officer Tom Considine. In remarks to A.M. Best at the NAIC summer meeting in San Diego, Considine said the threat from international regulators is greater than a previous threat of federal regulation from Congress.

“We believe that the state-based framework at the NAIC and around the states is pre-eminent, really, among the world’s regulatory systems,” said Considine. “What’s going on now, on the part of the EU, where they won’t even recognize the American state-based system of regulation as equivalent is offensive, frankly.”

Considine said that now, there is a threat of international regulation or international regulatory creep. “That drives NCOIL and the NAIC to work more closely together.”