Washington – As endeavors to create a federal insurance regulator percolate, state regulators are anxious to defend their turf. This week, New York State Insurance Superintendent Eric Dinallo testified before the U.S. House Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises about the states’ ongoing efforts to improve insurance supervision.
“The state-based regulatory regime has been very effective for more than 150 years,” Dinallo told the committee, speaking on behalf of the National Association of Insurance Commissioners. “Insurance oversight has been rigorous, resulting in high regulatory compliance and avoiding the level of insolvencies and market meltdowns we have seen in other sectors of the U.S. financial community. Indeed, our national solvency system has ensured that companies have the wherewithal to pay claims while remaining competitive and profitable.”
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