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August 24, 2007 at 07:12 PM
Leaders of the National Conference of Insurance Legislators are urging the National Governors Association to continue to oppose the idea of giving insurers a choice between state and federal regulation.
Officers at NCOIL, Troy, N.Y., sent a letter attacking optional federal charter legislation just two days after the American Council of Life Insurers, Washington, and the American Insurance Association, Washington, sent a joint letter urging the NGA to support the OFC concept.
The ACLI and the AIA made “ill-advised recommendations,” NCOIL leaders write in their letter.
The NCOIL leaders say they challenge “the notion put forth in the ACLI/AIA letter that a dual charter ‘regulatory system reacts quickly to rapid changes in the marketplace and provides efficiencies and convenience to consumers.’”
NCOIL leaders say the NGA should stick with a joint statement the NGA issued in July 2006 along with the National Conference of State Legislatures, Denver.
