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February 15, 2008 at 08:11 AM
Top officials at the National Conference of Insurance Legislators have drafted a resolution that would repeat NCOIL’s opposition to the idea of creating a national insurance regulatory agency.
The proposed resolution will appear on the agenda for the 4-day NCOIL spring meeting in Washington, which is set to start Feb. 28.
NCOIL, Troy, N.Y., has repeatedly opposed calls to supplement the current state insurance regulatory system with a federal insurance regulator.
Backers of the draft resolution just introduced include NCOIL President Rep. Brian Kennedy, D-Hopkinton-R.I.; NCOIL President-elect Sen. James Seward, R-Otsego, N.Y.; and NCOIL Vice President Rep. Robert Damron, D-Nicholasville, Ky.
Supporters of the “optional federal charter” concept say it would help free international insurers and large, national insurers from the need to spend heavily to cope with differences in state insurance laws, regulations and procedures.
Members of Congress now are considering S. 40 and H.R. 3200, two versions of a National Insurance Act bill that could create an OFC system.
Opponents to the OFC concept say it would increase bureaucracy and weaken consumer protection efforts.
