Serio: NAIC Outreach To Congress Is Working
The House Financial Services Committee and the National Association of Insurance Commissioners share a joint desire to preserve state regulation of insurance, New York Insurance Superintendent Greg Serio says.
In an interview with National Underwriter, Serio says that while he expects the committee to consider legislation on improving insurance regulation, the bill will likely focus on using federal tools to encourage states to enact reforms, rather than creating a federal regulatory presence.
The Kansas City, Mo.-based NAIC, Serio says, has been involved in an enhanced Congressional Outreach program aimed at communicating the efforts of states and the NAIC to improve insurance regulation and the ability of states to respond to specific state concerns.
While Congressional Outreach is not new for NAIC, Serio says, it has been stepped up recently with more commissioners taking part in one-on-one discussions with members of their congressional delegations.
The effort, he says, has been very favorably received by members of Congress and has allowed NAIC to dispel some misconceptions about the pace of reform.
During one hearing, Serio notes, some members of the House Financial Services Committee expressed concerns that reforms were taking too long to implement.
It was very important for NAIC, he says, to correct any misconceptions about the pace of change. NAIC and the states, Serio says, are developing a culture of change, in which the regulatory system is being constantly scrutinized for improvements.