Outgoing Ala. Commissioner Heads To Swiss Re

Bell says he is being employed by a holding company, not by the entity licensed in Alabama. He says he will not be dealing with the Alabama legislature or Alabama regulators, and he says he will be relocating to New York.

While Bell was the NAIC president, the NAIC opposed efforts to give insurers the ability to choose between regulation by state regulators and regulation by a new federal insurance agency.

NAIC President Sandy Praeger said in July at a meeting of the National Conference of Insurance Legislators, Troy, N.Y., that the NAIC continues to oppose an optional federal concept.

In May 2007, Swiss Re, Zurich, expressed support for the National Insurance Act of 2007, a bill that would give insurers, reinsurers and agents the option of obtaining a federal charter.

“A global business must be supported by a strong, centralized regulator,” Swiss Re says on its Web site. “Swiss Re believes that these objectives can best be achieved through an optional federal charter for reinsurers. A move to a more effective and efficient U.S. regulatory system for reinsurers will ultimately make the U.S. a more competitive and more responsive jurisdiction and result in lowering regulatory costs while maintaining, or enhancing, the safety and soundness of the industry.”

Bell says he will be looking at Swiss Re’s positions on the optional federal charter issue when he assumes his job.

Swiss Re spokesperson Alayna Tagariello says it is premature to discuss any potential review or change in policies.