Duck Key, Fla. — New York State Senator James Seward, the incoming president of the National Conference of Insurance Legislators (NCOIL), knows he has a fight on his hands.

Acknowledging that the financial crisis has raised the odds of federal regulation of the insurance industry, Seward pledged to continue educating members of Congress regarding the merits of the current, state-based regulatory system.

“We must make sure that one of the impacts of the financial crisis is not further federal intrusion into the regulation of insurance,” Seward said.

Seward also noted that he looked forward to a NCOIL investigation into the newly contentious area of credit default swap regulation.

“There is no question that as we go through the next year, the financial meltdown is overshadowing just about everything in our personal lives, our financial lives, the priorities of NCOIL, and, of course, our states,” he said.

Source: National Conference of Insurance Legislators

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