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House Subcommittee To Review State Progress At Regulatory Modernization

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NU Online News Service, Nov. 4, 2003, 5:21 p.m. EST – The Capital Markets, Insurance and Government Sponsored Enterprises Subcommittee of the U.S. House Financial Services Committee has scheduled a hearing for 2 p.m. Wednesday on “Reforming Insurance Regulation — Making the Marketplace More Competitive for Consumers.”

The subcommittee will review “the current structure of state insurance regulation to better understand the system and determine the need for reform to increase industry competition to the benefit of consumers,” according to an announcement released by the subcommittee staff.

Representatives for the National Association of Insurance Commissioners, Kansas City, Mo., will be presenting an update on the NAIC’s regulatory modernization action plan.

Scheduled speakers include Arkansas Insurance Commissioner Mike Pickens, New York Insurance Superintendent Gregory Serio and executives from Massachusetts Mutual Life Insurance Company, Springfield, Mass., and Hartford Financial Services Group Inc., Hartford.

Ronnie Tubertini, president, Southgroup Insurance and Financial Services, Jackson, Miss., also is scheduled to speak.

The Capital Markets subcommittee says it will be posting written versions of the witnesses’ testimony at