ABIA's Kevin McKechnie attended the National Conference of Insurance Legislators' (NCOIL) Annual Meeting in November. During this meeting the legislators unanimously adopted a resolution supporting state-based insurance regulation in light of international insurance discussions.
According to NCOIL, "state lawmakers urged that all U.S. representatives in international insurance regulatory discussions advocate positions consistent with state oversight. The resolution further states that Congress should direct all U.S. federal agencies to oppose proposals by the [Financial Stability Board] FSB and other groups that are outside their defined jurisdictional oversight.
"Following approval of the resolution, NCOIL legislators agreed to form a task force, composed of NCOIL leadership, regulatory representatives, industry representatives, and consumer advocates to examine developments regarding international and federal regulatory efforts that may present greater intrusion into the state system of insurance regulation."
Learn more from NCOIL.