Which can hinder their viability and jeopardize the very Insurance companies are not saddled with unnecessary regulation In sum, our overarching purpose should be to strike aīalance to ensure that consumers are well-protected and that Whether the states or the Federal Government regulate Interests of insurance consumers are protected, regardless of Just as importantly, because insurance is so crucial to theĭay-to-day lives of Americans, we must also ensure that the Need to make sure that the insurance companies are not overly Structured to protect both individuals and businesses from the I would remind everyone that insurance is a unique business Of whether the states or the Federal Government or someĬombination of the two should regulate the insurance industry, As we continue to consider and debate the merits Today's hearing will focus on the regulation of those two lines Namely property and casualty insurance and life insurance. Still, two major segments of the insurance industry remainĪlmost exclusively within the jurisdiction of the states, McCarran-Ferguson Actflong- which granted the states theĮxclusive power to regulate the business of insurance, theįederal Government has taken an increasingly active role in the Whether the states should be the primary regulators of the Over the decades, government officials,Ĭonsumer groups, and industry participants have questioned Question of how insurance should be regulated is complex and While the hearing topic may be straightforward, the More actively involve the Federal Government in the regulation Initiatives to enhance state-level regulation and proposals to Options for improving the current regulatory system, including In addition to examining theĮxisting system of regulation, we will hear testimony about Is to explore the effectiveness of the current state-based SR-253, Russell Senate Office Building, Hon. The Committee met, pursuant to notice, at 9:30 a.m. 139įEDERAL INVOLVEMENT IN THE REGULATION OF THE INSURANCE INDUSTRYĬommittee on Commerce, Science, and Transportation, Response to written questions submitted by Hon. National Association of Mutual Insurance Companies (NAMIC), Independent Insurance Agents & Brokers of Arizona (IIABA), Standards Association, prepared statement. 82Ītchinson, Brian K., Executive Director, Insurance Marketplace Rahn, Vice President, Associate GeneralĬounsel and Director, State Relations, Lincoln National Prepared statement of American Council of Life Insurers givenīy Stephen E. Rahn, Stephen E., Vice President, Associate General Counsel andĭirector, State Relations, Lincoln National Life InsuranceĬompany, on behalf of the American Council of Life Insurers. Robert, Director of Insurance, Consumer Federation ofĪmerica. Heller, Douglas, Foundation for Taxpayer and Consumer Rights. 49Ĭsiszar, Ernst, Vice President, National Association of InsuranceĬommissioners. 39īerrington, Craig A., Senior Vice President and General Counsel,Īmerican Insurance Association (AIA). On behalf of and past President, Independent Insurance Agents &īrokers of America. 56Īhart, Thomas, President, Ahart, Frinzi & Smith Insurance Agency, Kayes, Democratic Staff Director and Chief Counsel Jeanne Bumpus, Republican Staff Director and General Counsel SUNUNU, New Hampshire BILL NELSON, Florida GEORGE ALLEN, Virginia BARBARA BOXER, California SENATE COMMITTEE ON COMMERCE, SCIENCE, AND TRANSPORTATION For more information, contact the GPO Customer Contact Center, U.S. Printed for the use of the Committee on Commerce, Science, andįor sale by the Superintendent of Documents, U.S. FEDERAL INVOLVEMENT IN THE REGULATION OF THE INSURANCE INDUSTRY
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