The National Association of Insurance Commissioners (NAIC), Kansas City, Mo., has submitted a detailed framework document to House Financial Services Chairman Michael Oxley, delineating several ongoing and proposed steps to create an effective, state-based national system of insurance regulation."We have been asked by Chairman Oxley to directly assist in the committees process of evaluating the modernization of state insurance regulation, and we have pledged our time and our full resources to move the regulatory process forward in a manner that benefits consumers and the industry," says Ernst Csiszar, NAIC president and South Carolina director of insurance.
The NAICs roadmap document covers 15 areas where national standards can be effectively implemented, while it notes that diversity is a strength of the state regulatory system, which in certain cases requires the recognition of differing local market conditions. The issues are based on those raised during Oxleys presentation to NAIC members in March, along with other conceptual goals put forth by the committee, and additional areas where the NAIC believes that national standards would be beneficial to the marketplace.
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