The National Association of Insurance Commissioners (NAIC) has named former Nebraska Senator Ben Nelson as its new CEO. Nelson has a strong background in insurance; he formerly served as executive vice president and chief of staff for the NAIC and is a former Director of the Nebraska Department of Insurance.
Although Nelson supports the current state-centered regulatory system for the insurance industry, he has reached out to the Federal Insurance Office (FIO) Director Michael McRaith to begin a dialog about the federal government's emerging role as an insurance regulator. The FIO will release a report that is expected to recommend a greater role for the federal government in insurance regulation.
The ABIA supports the adoption of "federal tools", such as the national producer licensing proposal—the National Association of Registered Agents and Brokers Reform Act (NARAB II), Non-admitted and Reinsurance Reform Act (NRRA), and Surplus Lines Insurance Multi-State Compliance Compact(SLIMPact) for insurance regulation. ABIA looks forward to working with state regulators and the FIO to understand the implications for the state-federal relationship in insurance regulation.
Learn more about NARAB II.
Learn more about the NRRA.
Learn more about SLIMPact.