NCOIL Comes Out Against Federal Standards Legislation
Duck Key, Fla.
The National Conference of Insurance Legislators officially came out against proposed federal legislation aimed at creating national regulatory standards for the insurance industry.
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In September, NCOIL president, state Sen. Steve Geller, D-Fla., sent a letter to key lawmakers in the House outlining opposition to the State Modernization and Regulatory Transparency Act, as the legislation establishing federal regulatory standards to be implemented by the states is known.
At NCOILs recent annual meeting here, the executive committee of the body formally endorsed its presidents initiative.
The move puts NCOIL at odds with the National Association of Insurance Commissioners, which continues to work with the House Financial Services Committee in drafting so-called federal tools legislation.
For the first half of the year the 2 groups worked hand in hand, particularly in jointly developing market conduct model legislation, to impress the federal lawmakers with their seriousness in creating uniform regulation.
Geller said the initial efforts at cooperation were aimed at getting a “place at the so-called mythical table.