It is said that The National Association of Insurance Commissioners (NAIC) thanked the House and Senate financial reform conferees for largely preserving the critical role of state insurance regulators in protecting consumers and ensuring the viability of the insurance industry.
“Quick and decisive action by state insurance regulators worked to head off such concerns and ensure that insurance consumers were fully protected,” said NAIC President and West Virginia Insurance Commissioner. “We commend the conferees for recognizing this important distinction and for preserving the key role of state insurance regulators in the nation’s financial markets.”
The measure also makes clear that state insurance regulators will continue to have the ability to “wall off” insurance companies from troubled holding companies, protecting insurance policyholders from other risks in the financial system. State regulators, with boots on the ground across the country, will also continue to police consumer protections in the insurance sector.
The final measure awaits approval from both the House and Senate.