Washington — Officials at the Troy, N.Y.-based National Council of Insurance Legislators, (NCOIL) sent a letter to House Financial Services Committee Chairman Barney Frank contrasting the performance of the state-based insurance regulatory system to the parts of the financial services industry under federal regulation.
The letter coincides with hearings the committee held in which witnesses supported establishment of an optional federal charter for insurers.
“The stability of state-regulated insurance companies during this ongoing financial crisis, as compared to other financial sectors, demonstrates the effectiveness of our state insurance laws and regulations,” the NCOIL letter states. “While finger-pointing will not repair the problems with the present system, we are proud to note that state-regulated insurers were largely unharmed when compared to federally regulated banking and investment institutions.”
Source: National Council of Insurance Legislators
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