The National Association of Insurance Commissioners (NAIC) has launched an educational initiative about the role state-based insurance regulation plays in strengthening the US economy.
This education programme from the NAIC is being deployed in Washington DC; Brussels, the capital of the European Union; and Basel, the seat of the Financial Stability Board (FSB) for the G-20.
It is a critical time for state regulators in the US as some federal officials and global regulators are seeking unprecedented authority over insurance markets, including the imposition of bank-centric regulation on insurance companies.
“The US’s state-based insurance regulation system has an unmatched track record and can best adapt to meet our future economic and financial challenges,” said Senator Ben Nelson, NAIC CEO.
“By ensuring soundness, solvency, stability and competition, state-based insurance regulation does more than make insurance markets work—it protects the future for American consumers, employers and the economy as a whole.”
Of the 50 largest insurance markets in the world, 24 are US states overseen by members of the NAIC.
By collaborating with the 56 state and territorial insurance commissioners, the NAIC streamlines the process of insurance companies bringing products to market, the sale of products in multiple states and the ability of insurance companies to match the needs of a growing and dynamic consumer marketplace.
