State Regulators Launch ASSURE Program
Regulators stepped up efforts to get the message out that state regulation is the most effective oversight for insurance.
South Carolina became the first of 16 states that are currently in the process of implementing the ASSURE program, an effort by state regulators to emphasize the benefits of state regulation.
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ASSURE, or the Alliance for Sound State Uniform Regulatory Efficiency, is also being developed in Arkansas, says Mike Pickens, president of the National Association of Insurance Commissioners, Kansas City, Mo.
But an announcement made by Republican Gov. Mark Sanford on April 14 said South Carolina is the first state to launch the program.
The announcement was made during a symposium on state versus federal regulation that was put together by insurance groups including the Alliance of American Insurers, Downers Grove, Ill.
Although improvements can be made, South Carolina Director Ernst Csiszar says states are capable of making that improvement.
State regulation is better suited to issues including tort law exposures which involve very localized conditions, according to Csiszar.