Speaking before the House Financial Services Committee on June 24, NAVA president and CEO Cathy Weatherford offered her organization’s input on President Obama’s proposals to reform the regulation of the financial services industry – suggesting that the existing regulatory structure is sufficient.
“Given current regulatory protections, adding yet another layer of regulation to the insurance industry is unnecessary,” she said. “Further, separating financial regulation and consumer protection regulation is not prudent and would present significant risks to consumers. It would also prevent the best products from reaching consumers in a timely fashion.”
Weatherford says NAVA does support the Treasury’s proposals to modernize and improve the current system of insurance regulation, including the President’s Office of National Insurance proposal, but says that the existing arrangement between the SEC, FINRA and 50 state regulators is thoroughly comprehensive.